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Avoid these 8 Mistakes When Opening a New 529 Plan Account
Parents should carefully consider all of their options when setting up a new 529 plan account to save for college. Making the wrong decision can be costly and detrimental to a family’s college savings. Here are six common mistakes to avoid when opening a new 529 plan.Read more
How to Fill a College Savings Gap
Even after years of saving in a 529 plan, many parents come up short when it’s time to pay for college. It may be tempting to dip into retirement savings or take out an excessive amount of student loans to fill the gap but doing so may put your (or your child’s) future financial security at risk.Read more
529 plan gifts may be deductible on state income tax returns
One of the most effective ways to help a child save for college is by funding a 529 plan. Investments in a 529 plan grow tax-free and will not be taxed when the beneficiary uses the money for college. The gift giver may also qualify for a state income tax deduction or credit for 529 plan contributions, regardless of who owns the account.Read more
5 tips for a tax-free 529 plan withdrawalSee more articles
A non-qualified withdrawal from your 529 plan could mean having to pay income tax as well as a 10% penalty on the earnings portion of the distribution. These five tips will walk you through the withdrawal process and maximize the value of your college savings.Read more
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Q&A with 529 Guru: Joe Hurley
Specialist Joe Hurley answers your questions.
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