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A 529 plan comes in two broad varieties — a prepaid tuition plan and an education savings plan: A prepaid tuition program allows you to purchase college credits at today’s prices for future use.
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 ...
The Michigan plan lost a bit of its edge over the competition and was downgraded from gold, according to Morningstar, as other 529 plans caught up to Michigan’s "straightforward and low-cost ...
The Michigan Education Savings Program (MESP) is a 529 savings plan that is administered by the Michigan Department of Treasury. Michigan residents who contribute to this plan can deduct up to $5,000 (up to $10,000 for joint filers) from their state income tax each year. MI State Matching Grants based on MESP contributions are not currently ...
529 plans are named after section 529 of the Internal Revenue Code—26 U.S.C. § 529.While most plans allow investors from out of state, there can be significant state tax advantages and other benefits, such as matching grant and scholarship opportunities, protection from creditors and exemption from state financial aid calculations for investors who invest in 529 plans in their state of ...
Which of the two popular college savings accounts is best for you?
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State-run 529 plans have been a staple of the college savings landscape for years. With the new tax rules passed about a year ago and the financial markets looking shaky, families may wonder if ...