Financial Focus: Four Reasons a 529 Plan Might Make Sense for Your Family
Whether your child is going to college or has other plans, here are four reasons to consider a 529 education savings plan.
First are tax advantages. Earnings grow federally tax-free, and many states offer tax deductions on contributions.
Second is the flexibility beyond college. You can use 529 funds for vocational programs, apprenticeships and even K-12 school tuition up to $20,000 yearly.
Third is the range of qualified expenses. Beyond tuition, use 529 funds on books, computers, and eligible room and board. And now, with recent law changes, you can even cover certain testing fees, as well as some tutoring and education therapies.
Finally, you have options if your plans change. You can transfer the account to another family member, pay up to $10,000 in student loans or roll funds into a Roth IRA (subject to certain limits and criteria).
Maybe it's time for your family to consider a 529 plan.
Talk to a financial advisor to see if it can support your family's future needs.
This content was provided by Edward Jones for use by Tristan Bezzant, your local Edward Jones financial advisor at 14 Nason St. Maynard, MA. Member SIPC
Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation.
First are tax advantages. Earnings grow federally tax-free, and many states offer tax deductions on contributions.
Second is the flexibility beyond college. You can use 529 funds for vocational programs, apprenticeships and even K-12 school tuition up to $20,000 yearly.
Third is the range of qualified expenses. Beyond tuition, use 529 funds on books, computers, and eligible room and board. And now, with recent law changes, you can even cover certain testing fees, as well as some tutoring and education therapies.
Finally, you have options if your plans change. You can transfer the account to another family member, pay up to $10,000 in student loans or roll funds into a Roth IRA (subject to certain limits and criteria).
Maybe it's time for your family to consider a 529 plan.
Talk to a financial advisor to see if it can support your family's future needs.
This content was provided by Edward Jones for use by Tristan Bezzant, your local Edward Jones financial advisor at 14 Nason St. Maynard, MA. Member SIPC
Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation.