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Opening a 529 plan is a tax-advantaged way to set aside money for college. The money you contribute can grow tax-deferred and qualified withdrawals are tax-free. While there is no federal tax ...
529 plans are named after section 529 of the Internal Revenue Code—26 U.S.C. § 529.While most plans allow investors from out of state, there can be significant state tax advantages and other benefits, such as matching grant and scholarship opportunities, protection from creditors and exemption from state financial aid calculations for investors who invest in 529 plans in their state of ...
State. Tax Treatment of 529 Plan Contributions. ... Texas. No deduction or credit. Tax Benefits of 529 Plans. Beneficiaries reap the largest tax benefits of 529 plans. The money contributed on ...
As an additional tax benefit, 37 states and the District of Columbia offer an annual state tax credit or deduction for contributions to 529 college savings plans. Less tax can mean more money for ...
The latter, the Texas College Savings Plan, is a qualified 529 college savings and investment plan offered through the state and managed by NorthStar Financial Services Group, LLC. [1] The Texas College Savings Plan is not backed directly by the state; However, Texas voters approved a constitutional amendment in 1997 that guarantees the plan ...
Plus, it may come with some tax benefits. Many 529 plans let you deduct contributions from your state income taxes, plus the growth and withdrawals are tax-free when used for qualifying education ...