A 529 Account is a tax-advantaged savings plan designed to encourage saving for future college costs. Many states offer a tax deduction for contributions up to a certain amount each year. These accounts often have a variety of investment options and the investment growth is not subject to federal or state taxes as long as withdrawals are used for qualified expenses. Included in these qualified expenses are tuition, room & board, mandatory fees, and books or computers if required.
Aug 23 2016