529 plans are tax-advantaged savings plans designed for education expenses, offering tax-free growth and tax-free withdrawals for qualified expenses like tuition, books, and room & board. Contributions are made post-tax but may qualify for state tax deductions or credits, depending on the state. Funds can now be used for K-12 education, apprenticeships, and even rolled into a Roth IRA (up to $35,000 over a lifetime) under recent federal changes.
Why should you consider a 529 plan?
A 529 plan is a tax-advantaged savings account designed to be used for the beneficiary's education expenses.
Use the money in your 529 for a wide range of college expenses at accredited schools nationwide in addition to tuition expenses for K-12, certain apprenticeship costs, and student loan repayments.1
Unlike a custodial account, with a 529 plan the account owner maintains ownership of the account until the money is withdrawn.
Estimate how much you need to save for future tuition, fees, and education costs. Customize inputs like inflation, returns, and contributions to compare savings strategies. Identify shortfalls early and explore tax-advantaged options like 529 plans.
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Find answers to frequently asked questions about saving money.
