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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 is something like a Roth IRA or 401(k) plan designed for educational savings. Contributions are not federally tax-deductible, but earnings grow tax-free, and distributions for ...
The two types of 529 plans include: An education savings plan that allows you to open an investment account that can be used for future education expenses, including tuition, room and board, books ...
Contributions to 529 college savings plans are made with after-tax dollars. Once money is invested in the account, it grows tax-free, and withdrawals from the plans are not taxed when the money is used for qualified educational expenses. [2] Only 2.5 percent of all families had 529 college savings accounts in 2013. [3]
How a 529 works. These college savings plans offer tax-deferred growth and tax-free withdrawals when used for qualifying expenses, which for post-secondary education include tuition, fees and ...
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 ...