Keyword Analysis & Research: 529

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Frequently Asked Questions

What is a 529 and how does it work?

529 plans are usually categorized as either prepaid tuition or college savings plans. College Savings Plans work much like a Roth 401 (k) or Roth IRA by investing your after-tax contributions in mutual funds or similar investments. The 529 college savings plan offers several investment options from which to choose.

What can a 529 be used for?

The money in a 529 account can be used for any approved educational expenses. These include tuition and fees, room and board for students enrolled half time or more, books, necessary calculators and software, and services for special-needs students.

How much are you putting in a 529?

You believe that if you are going to invest for your child's education, then you might as well invest in a 529 plan where the contributions compound tax-free. The contribution range per year is between $5,000 and $30,000. The range takes into account contributions from single parents, dual-income parents, grandparents, and rich relatives.

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