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As an additional tax benefit, 37 states and the District of Columbia offer an annual state tax credit or deduction for contributions to 529 college savings plans. Less tax can mean more money for ...
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 ...
529 plans have two options: a prepaid plan or a savings plan. Colleges and states can offer prepaid plans, which locks in tuition at current rates for a student who may not be attending college ...
Many states provide a tax deduction or tax credit for residents using an in-state 529 plan. A 529 plan has an owner and a beneficiary, but they can be the same person.
A 529 plan allows a participant to set up a tax-advantaged account to allow a beneficiary to use the funds for qualified education expenses. The participant deposits after-tax money in the account.
GET is a 529 prepaid tuition savings plan, while Washington's other plan, DreamAhead, is a 529 college investment plan. As with any 529 plan, account owners invest in the program on behalf of a beneficiary – typically the owner's child or grandchild – in order to prepay for expenses associated with the beneficiary attending a higher ...
The plan was created in 2016 by the Washington State Legislature, and statutorily known as the Washington College Savings Plan (RCW 28B.95.032), [1] and opened for nationwide participation in 2018. [2] It is one of two 529 programs offered by the state, the other being the Guaranteed Education Tuition Program (known as GET), which is a prepaid ...
Starting in 2024, unused 529 funds can be rolled into a Roth IRA tax-free, thanks to the SECURE 2.0 Act, giving families more flexibility with college savings.
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