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The new rules also allow for the use of 529 plan distributions in apprenticeship programs. ... While parents are the most likely to contribute to a child’s 529 plan, other family members can ...
A 529 plan allows parents, grandparents, guardians, or other loved ones to put money into a tax-advantaged account to invest, (ideally) grow, and use it for qualified education expenses, such as ...
A 529 plan can be a powerful way to save for college, offering tax-free growth and other tax benefits. These accounts are so powerful, in fact, that many grandparents choose to open them for their ...
Previously, distributions from a grandparent-owned 529 plan had to be reported as untaxed student income, which could reduce financial aid eligibility by as much as 50% of the withdrawal amount.
A parent or grandparent usually sets up a 529 plan for a child or grandchild, who is the beneficiary. ... Thanks to new rules set out in the Setting Every Community Up for Retirement Enhancement ...
Continue reading → The post Grandparents and Advisors Need to Know About These 529, FAFSA Changes appeared first on SmartAsset Blog. ... State and federal tax benefits make a 529 college savings ...
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