If you guessed National 529 Day, then you’re correct!
With college costs continuing to increase, investing in a 529 plan for your child or grandchild should be a top priority. The gift of education is priceless.
There are so many myths about college plans, that we’d like to provide you with facts and benefits to these 529 plans.
- They cover all qualified college expenses such as tuition and fees, room and board, books, computers and other supplies, tuition for kindergarten through 12th grade of up to $10,000 and even $10,000 in qualified student loan repayments per beneficiary.
- They can be used for traditional four-year colleges, many junior and community colleges, vocation training and postgraduate programs.
- Many states have state tax deductions for 529 contributions.
- A 529 plan can be opened for anyone – there is no age limit. A parent or grandparent can use 529 funds too and go back to school!
- The funds grow tax free as long as they are used for qualified expenses.
- If your child gets a scholarship, you can withdraw the amount equal to the amount of the scholarship.
- Anyone can contribute to a 529 plan – parents, grandparents, aunts and uncles – such a great gift during the holidays or birthdays!
Please reach out to us at 215-579-5601 or info@ewmginc.com and let us help you begin saving for your child’s or grandchild’s education.
As always, if you have any life changes or updates that you need us to attend to (i.e., new job, promotion, marriage, new baby or grandchild, etc.), please do not hesitate to contact us.
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