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What is a 529 Plan?

Named for the Internal Revenue Code that Congress established in 1996, this college savings program works much like a Roth IRA, allowing you to invest after-tax dollars in mutual funds. Then, when you withdraw money for qualified Education expenses (including tuition, room and board and textbooks), you don’t have to pay any federal taxes on the return your investments have earned. May 29th (5/29) has been declared National “529 College Savings Day.” Americans have invested more than $179 billion in 529 College Savings Plans – an all-time high. With the challenges and costs of paying for higher Education growing, saving now can help have big impacts later.

Nearly each state offers its own 529 plan and here are just some of their benefits:

$ Tax advantaged way to save for college - potential for tax-deferred growth on any earnings

$ Use of funds at any eligible college/university across the nation and even some abroad

$ Accounts can be transferred to other eligible family members

$ Range of investment options

You can check vital stats on each state’s saving plan at

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Tags: Education, Featured Story, Tweens & Teens

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