- What is a 529 College Savings Plan?
- Does a 529 plan affect financial aid?
- What if my beneficiary does not go to college, earns a scholarship, or the account has more money than I need?
- Can I use a 529 for grad school?
- What are the gift tax advantages of an account?
- Does my state offer a tax deduction?
- Do I need to use my own state’s plan?
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Some of the benefits of a 529 College Savings Plan:
- Earnings are not subject to federal tax and in some cases state tax, when used for the qualified education expenses.
- As of January 1, 2018, assets can be withdrawn to pay for K-12 tuition (up to $10,000 per year)
- There are no tax consequences if you change the designated beneficiary to another member of the family.
- For 2018 and 2019, you can contribute up to $15,000 per year ($30,000 if married filing jointly) to a single beneficiary without triggering federal gift tax — and up to $75,000 ($150,000 if married filing jointly) under special circumstances.
- More than one account can be opened (by different people) on behalf of the same beneficiary.
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