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529 College Savings Plan Overview
529 Savings Plans are totally changing how Americans are paying for college. They’re flexible, offer extensive control, and allow a high level of contributions.
With the appropriate 529 Plan, careful planning and some discipline, you can address the goal of preparing and paying for your loved ones college education.
How a 529 Plan Works
As the “contributor,” you establish an account for the “beneficiary,” usually your child or grandchild, for saving anticipated college expenses. To establish this account, you may use the 529 Plan in your state of residence, if applicable, or you may use a 529 Plan from another state not having a residency requirement.
Funds in a 529 Savings Plan may be applied to the costs of tuition, fees, books, supplies, food, housing and equipment required for attendance at an “eligible educational institution.” Most accredited institutions of higher education in the U.S. and some foreign institutions would qualify as “eligible.” This includes most private colleges, public universities, graduate schools, two-year community colleges, and vocational-technical schools.
Features of a 529 Plan
Note however, some states have specific exemptions that do not adhere to the federal tax law. For example, some states do not permit the use of 529 Plan funds for certain educational expenses such as books, room and board, supplies and equipment.
To schedule a no-obligation appointment to discuss planning for your child's future, call or stop by any Northfield Bank branch.
(1)Non-qualified distributions of earnings will be subject to income tax and a 10% federal tax penalty.
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