Clients
Resources – College Savings 529 Plans
A 529 plan is a tax-advantaged savings vehicle designed to encourage savings for future education expenses. 529 plans can be used on any qualifying expenses incurred at an undergraduate college, graduate level college, or a vocational/ trade school. Additionally, due to recent legislation, 529 plans can be used for private elementary and private high school tuition, tutoring, and education-related costs, up to $20,000 per year, per child’. Below are a list of qualifying expenses, a list of the benefits of 529 plans, and potential solutions if the funds are not needed
the money for schooling.
the money for schooling.
What is a “Qualified Expense?”
An expense deemed by the Internal Revenue Service that will allow for tax-free distributions from a 529 Plan. Distributions from a 529 plan must be made in the same calendar year that the qualified expense is incurred to avoid penalty. Learn more by clicking the button below.
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