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WA529 is part of Washington Student Achievement Council, an agency of the U.S. state of Washington for residents of the state. GET is a 529 prepaid tuition savings plan, while Washington's other plan, DreamAhead, is a 529 college investment plan. As with any 529 plan, account owners invest in the program on behalf of a beneficiary – typically ...
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 ...
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 books, as well as ...
The 529 college savings plan is very similar to a Roth IRA in its structure in that you put after-tax income into the plan. Qualified withdrawals include education expenses for the account’s ...
The plan was created in 2016 by the Washington State Legislature, and statutorily known as the Washington College Savings Plan (RCW 28B.95.032), [1] and opened for nationwide participation in 2018. [2] It is one of two 529 programs offered by the state, the other being the Guaranteed Education Tuition Program (known as GET), which is a prepaid ...
They come with annual contribution limits determined by your age and income and you can start making tax-free withdrawals, under certain conditions, after age 59 1/2. ... building a 529 plan for ...
529 plans can be used for many college-associated expenses other than tuition.
A 529 saving plan is well-known for its ability to help parents and students deal with the cost of education. While it was originally set up as a way to pay for the spiraling costs of college, the ...