A 529 plan is a tax-advantaged way for parents to save for their children’s education expenses. The IRS doesn’t impose a contribution limit on 529 plans, unlike for other tax-advantaged ...

Each state offers a 529 plan, providing families an opportunity to save for their child’s education. While this once only applied to colleges, the Tax Act of 2017 now allows contributions to be ...

Although 529 savings plan contributions aren't deductible on your federal income tax return, they can be deducted on state income tax returns in many cases. Plus, 529 savings plan contributions ...

529 plans can be used to repay student loan debt, up to a lifetime maximum of $10,000 without penalty, plus $10,000 for each ...

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Over half of the states with plans offer a full or partial state income tax deduction or credit for 529 plan contributions, although some states limit the tax breaks to contributions to in-state ...

There is, however, an exception to this gift tax specifically for 529 plan contributions, which allows individuals to front-load a plan for up to five years at one time without having to pay the tax.

Rollover funds cannot include any 529 contributions that were made within the last five years (as of the date of the transfer/rollover). The aggregate lifetime amount that can be transferred to a ...