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While the maximum contribution in each state’s plan may differ, any contributions over the maximum gift tax exclusion – $18,000 for 2024 – could make you liable for gift taxes. In contrast ...
A 529 plan is a college savings plan that provides tax advantages when used for qualifying purposes. A 529 plan is something like a Roth IRA or 401(k) plan designed for educational savings.
The funds from a 529 plan are used for qualified education expenses. These expenses are typically tuition, fees, textbooks, computers and equipment and are charged to the student in relation to attending an institution defined as any eligible public, non-profit or private college or university, technical, vocational, or trade institutions.
Here are five of the top 529 plans: Ohio’s 529 plan, CollegeAdvantage. New York’s 529 plan, Direct Plan. Wisconsin’s 529 plan, Edvest. West Virginia’s plan, Smart 529 WV Direct College ...
The information you will need to open a 529 account may vary by plan. In general, though, expect to be asked for details such as Social Security number (or tax ID), date of birth, and address. You ...
The 529 education savings plan is getting a lot more interesting in 2024. Starting this year, unused money in a 529 plan can be converted into a Roth IRA, eliminating one of the major defects in ...
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