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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.
In fact, anyone can contribute to a 529 plan and name the child as a beneficiary, either through your own plan or that owned by someone else. How to get started with a 529 plan
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 ...
529 plans can be a great way to save for education expenses on a tax-free basis. ... Historically, grandparent-owned accounts hurt a student’s financial aid capacity even more, though the rules ...
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 ...
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. Named after Section 529 of the Internal Revenue ...
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