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Previously, distributions from a grandparent-owned 529 plan had to be reported as untaxed student income, which could reduce financial aid eligibility by as much as 50% of the withdrawal amount.
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 ...
A 529 plan can be a powerful way to save for college, offering tax-free growth and other tax benefits. These accounts are so powerful, in fact, that many grandparents choose to open them for their ...
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 ...
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.
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 ...
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