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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.
Continue reading → The post How the 529 Grandparent Loophole Works appeared first on SmartAsset Blog. A 529 plan can be a powerful way to save for college, offering tax-free growth and other tax ...
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 ...
Parent-owned 529 plans count for up to 5.64% of the parent contribution considered by the Free Application for Federal Student Aid (FAFSA), while grandparent-owned 529 plans don’t negatively ...
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 ...
Among other things, “these plans can be used as estate planning tools by grandparents to help their grandchildren save for college, or by a family to create a relatively flexible education fund ...
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