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While parents are the most likely to contribute to a child’s 529 plan, other family members can legally contribute to the plan, too. That includes close relatives such as grandparents, aunts and ...
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 ...
Now, grandparents, or other family members and friends, can gift money to a student without hurting the student’s eligibility for financial aid. Maximizing the benefits of the 529
State and federal tax benefits make a 529 college savings account one of the more strategic ways to save money for college. But savers should be aware: Upcoming changes to the Free Application for ...
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 ...
Continue reading → The post How the 529 Grandparent Loophole Works appeared first on SmartAsset Blog. A 529 plan can be a powerful way to save for college, offering tax-free growth and other tax ...
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