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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.
Contributions to 529 college savings plans are made with after-tax dollars. Once money is invested in the account, it grows tax-free, and withdrawals from the plans are not taxed when the money is used for qualified educational expenses. Only 2.5 percent of all families had 529 college savings accounts in 2013.
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 ...
You can fund a 529 plan now and convert a sizable chunk of money unused for educational expenses into a Roth IRA down the road. “529 plans will provide the best benefit for college savings ...
The 529 college savings plan, however, is the more popular option and is offered in some form by all 50 states. In this case, you make contributions to an account that gives you certain tax ...
Your 529 plan could be losing money due to fees, or you might not be getting the best tax savings available to you. The study estimated that suboptimal investments can result in a loss of 9% over ...
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