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A 529 plan offers several other benefits, including the ability to invest with potentially high-return assets such as stock funds, instead of being limited to low-return bank accounts.
A 529 plan comes in two broad varieties — a prepaid tuition plan and an education savings plan: A prepaid tuition program allows you to purchase college credits at today’s prices for future use.
Many states offer tax breaks to taxpayers who contribute to 529 plans, including prepaid tuition plans. These breaks can come in the form of a tax deduction or a credit, depending on where you live.
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 an investment account that allows investors to grow money in a tax-advantaged way for a beneficiary of their choosing to use towards their education. See: How Much You Can Save Long...
You can contribute up to $19,000, or $38,000 if you file jointly, per beneficiary to a 529 plan in 2025 without having to file a gift tax return. Other contribution rules may apply based on the state.
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