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Americans have amassed $450 billion for educational expenses in 529 plans as of August 2024, according to the Education Data Initiative. That amounts to around an average of $27,741 for the ...
State. Tax Treatment of 529 Plan Contributions. California. No deduction or credit. Illinois. Maximum deduction of $10,000 ($20,000 for married joint filers) per year
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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 ...
Ascensus, LLC. is an American financial services company that provides financial recordkeeping, tax-advantaged savings and retirement plan services. As of 2024, the company reports that it manages more than 14 million accounts and oversees more than $808 billion in assets under administration.
529 plans can be used for many college-associated expenses other than tuition.
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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.