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Key takeaways. 529 plans are tax-advantaged accounts that allow a beneficiary to use the funds for qualified education expenses. Funds contributed to a 529 plan are allowed to grow tax-deferred.
The earnings portion of money withdrawn from a 529 plan that is not spent on eligible expenses (or rolled over into an ABLE account for any eligible family member) is subject to income tax, an additional 10% federal tax penalty, and the possibility of a recapture of any state tax deductions or credits taken. For example, if $50,000 is ...
You can use funds from your 529 plan to pay for qualified education expenses at eligible institutions nationwide. Withdrawals for qualified expenses are tax-free, but non-qualified withdrawals are ...
The IRS refers to the plans as qualified tuition plans or section 529 plans. ... tuition at today’s rates or offset other qualified education expenses. The plans typically have a range of expert ...
That law also permits 529 plans to be used for qualified apprenticeship expenses. Bottom line A 529 college savings plan offers one of the best vehicles to save for a child’s educational costs ...
The American Opportunity Tax Credit allows you to earn up to $2,500 in tax credits when claiming your college tuition and related expenses. Your first $2,000 for qualified education expenses ...
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