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But in most states, you must use your own state's plan to take advantage. Second, not all 529 plans allow out-of-state residents to contribute. Third, not all 529 plans are equal.
529 college savings plans are operated by the states, which means that each state can set its own aggregate contribution limit. In simple terms, this is the maximum total amount of money that can ...
The 529 plan for the state in which one is domiciled may have higher fees (expense ratios) – which are not required to be disclosed in marketing materials and can range from under 0.4% to more than 1.1% – than the plans of other states. For example, a 529 plan in which $2,000 is deposited each year for 18 years would accumulate over $4,000 ...
And thanks to 2019’s SECURE Act, 529 plans can also be used toward up to $10,000 of the beneficiary’s student loan debt as well as an additional $10,000 for the student loans of each of the ...
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 ...
By Mandi Woodruff College tuition rates are heading nowhere but up these days, leaving parents and students more reliant on state-funded financial aid and student loans to finance higher education.
State-sponsored 529 plans should definitely be your first choice. You don't have to pick one from your own state, but tax incentives might encourage you to do so. If your.
It's important to know exactly how 529 plans work.