Tip of the Month | September 2024
Back to School: 529 Plan Contributions
Written By: Ryan Rink, CFP®, EA, ChFC®, CLTC®
With school back in session, now is an optimal time to review 529 plan contributions. 529 accounts are a great way to help save and pay for education. Contributions are tax-deductible in most states, and the growth can be withdrawn tax-free for qualified education expenses.
Keep in mind these funds are not solely limited to paying for just college expenses. Up to $10,000 annually (per student) may be used towards K-12 tuition expenses.