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In fact, even the person opening the 529 plan can be its beneficiary. 3. Open the account. Most accounts can be opened online. Once opened, you can deposit funds directly into the account, and ...
As an additional tax benefit, 37 states and the District of Columbia offer an annual state tax credit or deduction for contributions to 529 college savings plans. Less tax can mean more money for ...
529 plans are named after section 529 of the Internal Revenue Code — 26 U.S.C. § 529. While most plans allow investors from out of state, there can be significant state tax advantages and other benefits, such as matching grant and scholarship opportunities, protection from creditors and exemption from state financial aid calculations for ...
Originally designed for college expenses, 529 plans can now be used for K-12 tuition at private schools and apprenticeship programs. Funding a 529 plan may have immediate tax benefits in some cases.
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While the maximum contribution in each state’s plan may differ, any contributions over the maximum gift tax exclusion – $18,000 for 2024 – could make you liable for gift taxes. In contrast ...
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