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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 ...
You can use funds from your 529 plan to pay for qualified education expenses at eligible institutions nationwide. Withdrawals for qualified expenses are tax-free, but non-qualified withdrawals are ...
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 ...
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.
Eligible Expenses. A significant difference between UTMA/UGMA accounts and 529 plans is the permitted use of the funds. UTMA/UGMA accounts offer broad flexibility. The funds can be used for any ...
A 529 plan is a savings plan designed to help make it more affordable to save money for future education expenses. There are actually two types of 529 plans: prepaid tuition plans and college ...
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