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Saving for education via 529? |
My research has made me conclude that the 529 program for education savings provides no tax benifit for contribution toward the fund but rather provide tax savings of investment gains! is this the only benifit this program offers? There may be additional tax savings depending on which state you are living. Certain states let you deduct the amount contributed from your state taxable income. As far as federal taxable income goes, you are right - there is no deduction on the amount contributed. We opened one about a year ago, and you are correct- the $ going in is already taxed, but the gains are not taxed IF you use them for college expenses. If this is a befit to you kinda depends on your time line- if your child will go in 5 years or less, i might not bother- but one child of ours has 9 more years, one has 17, so plenty of time on our side for some great gains. |
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