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Alaska USA Mortgage AK#157293
Phone: (907)261-3458 Cell: 223-4440
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Everything You Need to Know About 529 Plans
These college-savings accounts have improved, and now more states offer a deduction for contributing to one. If you are thinking about opening a 529 college savings account, now is the time to do it. Sure, most plans now let you invest any time during the year. But the sooner your money is in an account, the sooner it starts to earn tax-free returns. Plus, recent changes to the law make 529 plans more attractive than ever. These state-sponsored savings accounts offer people an easy way to save for college. Most states have a variety of investment options, require little money to open an account and have high – or no – contribution limits.
Today, 31 states plus the District of Columbia offer residents a tax deduction or credit for contributing to their state's own 529 plan. Kansas, Maine and Pennsylvania even let residents take the deduction for out-of-state 529s as well. Several states, such as Indiana, just started offering write-offs. Here are other reasons to consider a 529 plan:
If you would like to learn more about the advice contained within this article and how it could benefit you, please contact the professional who provided your subscription.
Reprinted with permission. All Contents © 2008 The Kiplinger Washington Editors
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