College Savings Plans ?
My Son is turnig 5 next august.
I want to start a college savings plan for our 4 1/2 year old son. I understand each state has its own 529 plan or others.
Any suggestions from parents putting money away for their kids’ college future? Any advice would be helpful.
I’ll like to get him a College savings plan e.g 529 plans etc, what else is there available, are there more options?
What things I need to look into befor signing up..
Favorite Answer
Qualified Tuition Programs (529 plans)—Earnings grow tax-deferred and distributions are tax-free when used for qualified post-secondary education costs.
Coverdell Education Savings Accounts— Earnings grow tax-deferred and distributions are tax-free when used for qualified post-secondary education costs. May also be withdrawn tax-free for primary and secondary school expenses.
You can read about these at
http://www.savingforcollege.com/
That’s where the 529 plan comes in to play – additional tax free savings.
You can also contribute to an Edcuational IRA at a bank or through your investment broker.
Finally, monies in the parents Roth IRA’s can also be withdrawn, tax & penalty-free, for use on higher education.
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