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What are the benefits of a 529 Plan?
A 529 plan is a college savings plan with unique tax benefits to encourage saving for a child’s education. 529 plans are sponsored by the individual states. So for example, New York has its own plan, Connecticut has its own plan, Florida has its own plan an so on and so on. One important point to remember is you do not have to open the plan offered by the state you live in. You can live in Florida and open up the NY plan. The reason you might want to stick with your state’s plan is if you will receive a state income tax deduction for contributions (like you would if you live in NY and open the NY 529 plan). With the recent tax overhaul, 529 plans can now also be used for private K-12 school tuition for up to $10,000 per year. Pretty cool. Let’s take a look at some faq’s when it comes to 529 plans
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