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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 ...
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 ...
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 529 plan is a tax-advantaged savings plan designed to help parents or grandparents cover the costs of their child’s or grandchild’s education. ... and each has a 529 plan with $36500, they ...
“529s can also be used in estate planning for grandparents that want to fund their grandchildren’s education, as well as by those looking to create a long-term education family fund,” says ...
State and federal tax benefits make a 529 college savings account one of the more strategic ways to save money for college. But savers should be aware: Upcoming changes to the Free Application for ...
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