Tag Archives: 529 plans

Study Up on the Tax Advantages of a 529 Savings Plan

With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. One option, which can be especially beneficial if the children in question still have many years until heading off to college, is … Continue reading

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Estate Planning and 529 Plans

When you contribute to a 529 plan, you’ll not only help your child, grandchild, or other loved one pay for college, but you’ll also remove money from your taxable estate. This will help you minimize your tax liability and preserve … Continue reading

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Advantages and Disadvantages of 529 Plans

Advantages People of all income levels are eligible to contribute to a 529 plan 529 plans have high contribution limits (most plans have contribution limits of $300,000 and up) College savings plans are open to residents of any state At … Continue reading

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The ABCs of 529 Plans

If you’re already saving for college, you’ve probably heard about 529 plans. 529 plans are revolutionizing the way parents and grandparents save for college, similar to the way 401(k) plans revolutionized retirement savings. Americans are pouring billions of dollars into … Continue reading

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Income Tax Planning and 529 Plans

The income tax benefits offered by 529 plans make these plans attractive to parents (and others) interested in saving for college. Qualified withdrawals from a 529 plan are tax free at the federal level, and some states also offer tax … Continue reading

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Estate Planning and 529 Plans

When you contribute to a 529 plan, you’ll not only help your child, grandchild, or other loved one pay for college, but you’ll also remove money from your taxable estate. This will help you minimize your tax liability and preserve … Continue reading

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529 Plans: The Ins and Outs of Contributions and Withdrawals

Section 529 plans can be powerful college savings tools, but you need to understand how your plan works before you can take full advantage of it. Among other things, this means becoming familiar with the finer points of contributions and … Continue reading

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Income Tax Planning and 529 Plans

The income tax benefits offered by 529 plans make these plans attractive to parents (and others) interested in saving for college. Qualified withdrawals from a 529 plan are tax free at the federal level, and some states also offer tax … Continue reading

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Will I pay income tax when the money in my 529 plan is withdrawn to pay for college expenses?

Question:  Will I pay income tax when the money in my 529 plan is withdrawn to pay for college expenses? Answer:  If the money you withdraw from a 529 plan (college savings plan or prepaid tuition plan) is used to … Continue reading

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Can I deduct my contributions to my 529 account?

Question:  Can I deduct my contributions to my 529 account? Answer:  Section 529 plans, which include college savings plans and prepaid tuition plans, offer several tax and non-tax benefits. But unfortunately, a federal income tax deduction is not one of … Continue reading

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