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A 529 plan is a tax-advantaged account that can be used to pay for qualified education costs, including college, K–12, and apprenticeship programs.
Learn more the benefits of opening a 529 plan. 529 plans are education investment accounts with special rules and tax benefits that help families save for college—and even for K-12 tuition.
From federal tax-free growth of 529 plan contributions, tax-free withdrawals for qualified expenses, and tax deductions for contributions in most U.S. states, 529 plans have a major advantage compared to many other education savings accounts.
A 529 plan is a tax-advantaged savings account designed to be used for the beneficiary's education expenses. Flexibility. Use the money in your 529 for a wide range of college expenses at accredited schools nationwide in addition to tuition expenses for K-12, certain apprenticeship costs, and student loan repayments. 1. Control.
There are many benefits to using a 529 plan, like federal income tax benefits and state tax deductions. Plus, 529s offer several advantages compared to traditional savings accounts and other methods of saving for higher education.
Benefits of a 529 plan. Contributing to a 529 plan offers several possible benefits, such as: Tax advantages. The main benefit of a 529 plan is that it comes with tax advantages. While you ...
A 529 plan gives you a tax-advantaged way to save for education. You can stash money on an after-tax basis and then grow it tax-free. When you withdraw the money for qualified...
Getty. If you’re looking to save money for your child’s education, consider a 529 plan. A 529 plan allows you to make tax-free withdrawals to pay for qualified education expenses, such as...
Key Takeaways. 529 plans are state-sponsored accounts that offer tax-advantaged savings for education expenses; they cover college, trade and vocational courses, and qualified K-12 expenses....
529 funds can be used for a wide range of education expenses, including college expenses at postsecondary schools nationwide, tuition for K-12 schools, certain apprenticeship costs, and student loan repayments. 1 An overview of key features is below. Earnings grow tax deferred.