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The two types of 529 plans include: An education savings plan that allows you to open an investment account that can be used for future education expenses, including tuition, room and board, books ...
529 plans can be used for many college-associated expenses other than tuition.
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 ...
Paying college expenses directly from a 529 account may reduce eligibility for the American Opportunity Tax Credit, due to IRS coordination restrictions. To claim the full credit (in addition to meeting other criteria, such as income limits), $4,000 of college tuition and textbook expenses per year should be paid from non-529 plan funds. [26]
How a 529 works. 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 ...
The average cost of tuition and fees at four-year private colleges and universities has grown from $34,970 for the 1994-1995 school year to $58,600 for 2024-2025, according to CollegeBoard.
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