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Be Significant In The Lives Of Others
According to the US Internal Revenue Service (IRS), a section 529 plan, is a program established and maintained by a state, or an agency or instrumentality of a state, that allows a contributor either to prepay a beneficiary’s qualified higher education expenses at an eligible educational institution or to contribute to an account for paying those expenses.
What Are The Benefits to 529 College Savings Plans
Payoff Student Loans
Lifetime limit of $10,000 to repay beneficiary’s student loans and additional $10,000 to repay loans held by each of beneficiary’s siblings.
Small Recurring Contributions
Create a nest egg that can reduce need for student loans.
Tax Deferred Growth
Contributions grow free of federal and state income taxes.
State Tax Deduction
Your state may provide a tax deduction for contributions.
Wide Availability
Plans are availability in nearly every state.
Rights of Custodianship
You can change the qualified beneficiary or make other changes at any time.
Qualified Beneficiaries
You can open an account for nearly any blood relative and others.
Qualified Institutions
ccredited institution(s) participating in federal student aid programs are eligible.
Qualified Expenses
Costs for tuition, fees, books, room & board (if full time) and pre-college education expenses up to limits are eligible.
Roth IRA Transferability
If account is open for 15 years, you can roll-over $35,000 into Roth IRA subject to contribution limits.