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Contributed by mm | September 15, 2006 8:58 AM PST
• Earnings from a 529 plan are exempt from federal taxes, as are any withdrawals, as long as they go toward paying college costs.
• Some states waive state taxes for residents, other states allow deductions on contributions.
• 529 plans have generous maximum contribution limits -- some as high as $250,000 per beneficiary.
• Most states hire experienced investment companies, such as TIAA-CREF to manage their 529 accounts.
• If funds are withdrawn for purposes other than education, the earnings are subject to a 10 percent penalty as well as federal income tax. States may assess their own penalties.
Great for grandparents: 529 contributions are considered completed gifts and are excluded from your estate. Grandparents can also switch beneficiaries to other grandchildren.
Note: Each 529 plan has its own set of rules and restrictions, which are subject to change. Make sure to request the most recent plan details from plan administrators.
Source: College Board
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States Give Tax Breaks To College Savers (September 15, 2006)
Tax breaks from some states make college savings options like 529 plans more attractive. (It also makes college planning more complicated, though.)
The Best And Worst 529 Plans (September 15, 2006)
Forbes reports on a Morningstar research that sorts out the best and worse of 529 plans out in the market.
Does A 529 Plan Affect Financial Aid Eligibility? (September 15, 2006)
While each educational institution may treat assets held in a 529 plan differently, investing in a 529 plan will generally reduce a student’s eligibility to participate in need-based financial aid. Beginning July 1, 2006, assets held in pre-paid tuition plans and college savings plans will ...
7 Questions You Should Ask Before You Invest In A 529 Plan (September 15, 2006)
Knowing the answers to these questions may help you decide which 529 plan is best for you. Is the plan available directly from the state or plan sponsor? • What fees are charged by the plan? How much of my investment goes to compensating my ...
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