Save Money for College Tax-Free with a
529 College Savings Plan
The Compelling Features of 529 College Saving Plans
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Tax advantages. Earnings grow tax-free. And withdrawals from a 529 College savings plan for qualified higher education expenses are free from federal tax. Tuition, room and board, and required books and supplies are all qualified higher education expenses. - Can be used for any accredited college, not just schools in the state that sponsors your plan. Includes undergraduate, graduate, post-graduate and technical training.
- Anyone can contribute to your child’s 529 Plan -parents, grandparents, uncles and aunts, other family members and friends.
- Up to $12,000 per person a year in contributions allowed ($24,000 for married couples) without gift-tax consequences. Or, under a special election, up to $60,000 ($120,000 for married couples) can be contributed at one time by accelerating five years’ worth of contributions. Any additional contributions made during the next four years will reduce the taxpayer's lifetime gift-tax exemption of $1 million.
- No income limits. You can contribute to 529 college saving plans no matter how much you earn.
- Ability to save for anyone — your child or grandchild, a niece or nephew, a friend or yourself. You can even change beneficiaries within the same family.
- Control of assets. You decide when to make withdrawals. You can move your assets once a year or when you change beneficiaries.
If you are interested in how to start a college 529 savings plan for you children,
please contact me.
