The US 529 plan is a tax-advantaged savings plan that helps people save for education expenses. It is sponsored by states, educational institutions, or state agencies and authorized by the Internal Revenue Code.
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There are two types of 529 plans:
- 529 savings plans Allow people to save for qualified college expenses, such as tuition, fees, room and board, textbooks, and computers.
- 529 prepaid tuition plans Allow people to prepay at today’s rates for eligible public and private colleges or universities.
529 plans offer several benefits, including:
- Tax advantages: Withdraw funds tax-free to cover qualified education expenses.
- State tax benefits: Over 30 states offer tax deductions or credits for 529 plan contributions.
- Gift tax benefits: Contributions up to a certain amount are not subject to the federal gift tax.
- Estate tax benefits: Some plans may offer estate tax benefits.
To open a 529 plan, you must be a US resident, at least 18 years old, and have a Social Security number or Tax ID. Anyone with a Social Security or Tax ID number, including the account owner, can be a beneficiary.