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A 529 plan gives you a lot of flexibility about who can use the plan and when, says Van Sant. “Parents can change the beneficiaries on a 529 plan in case the originally designated child chooses ...
Here are answers to five common questions about how to spend money from 529 college savings plans. "Qualified expenses include tuition, fees, books, supplies and equipment required by an education ...
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 in the account.
The earnings portion of money withdrawn from a 529 plan that is not spent on eligible expenses (or rolled over into an ABLE account for any eligible family member) is subject to income tax, an additional 10% federal tax penalty, and the possibility of a recapture of any state tax deductions or credits taken. For example, if $50,000 is ...
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 ...
With a 529 plan, the IRS allows you to contribute up to $90,000 ($180,000 for married joint filers) per beneficiary and pro-rate it over five years, so that it’s treated as five consecutive ...
You contribute money to 529 college savings plan as a tax-advantaged way to save for your child’s future education. But when your kid is set to matriculate, you can’t use those funds for just ...
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 ...