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Is a 529 college savings plan right for you?
If you haven't heard of it, a 529 Plan is an education "investment" or "savings" account that is run by the state. This is to be used to pay for future college expenses, and they vary greatly from state-to-state. They can be a fair option for saving up for your children's college expenses, but they're not always the best option. So how do you know if it's best for you?
Check your state's benefits
We can help see what benefits your state gives for a 529. In some cases, it's a great way to put away tax-free income toward your child's education, but, on the other hand, some states give very few additional benefits or tax credits. Figuring out what the state of your residence gives you goes a long way to seeing if it's a viable way to go.
Good to know...
- All income invested in a 529 is tax-free
- No matter what state your 529 is based out of, it can be used for an
accredited school in any other state
- Most 529 accounts will have to be reported when filling out a FAFSA
for student aid