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A 529 plan allows a participant to set up a tax-advantaged account to allow a beneficiary to use the funds for qualified education expenses. The participant deposits after-tax money into the account.
A 529 plan, also called a Qualified Tuition Program, [1] is a tax-advantaged investment vehicle in the United States designed to encourage saving for the future higher education expenses of a designated beneficiary.
A 529 plan is an education savings plan that allows you to save for qualified education expenses. While the 529 plan was developed to allow families to save for college, its mandate has since been ...
You can use funds from your 529 plan to pay for qualified education expenses at eligible institutions nationwide. Withdrawals for qualified expenses are tax-free, but non-qualified withdrawals are ...
Tax Benefits of 529 Plans. Beneficiaries reap the largest tax benefits of 529 plans. The money contributed on their behalf grows tax-free. And as long as they use the money for qualified education ...
Unlike with a 401(k), though, withdrawals from a 529 are also tax-free (again, so long as you use the money to pay for qualified education expenses). Qualified education expenses can include ...