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A 529 account is a good idea for someone who is saving for college for their child. This option is a good choice because there are tax benefits to this type of account.
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What information can you give me on a 529 savings plan?
529 Savings plans are designed to help someone save for college. Most 529 plans are state sponsored.
Where does the funds that are left over in a 529 account after all college expenses have been paid go to?
account holder
What are American Funds' 529 Basics about?
American Funds' 529 Basics is about a number of things. Anyone can contribute regardless of income level. Withdrawals from qualified expenses are exempted from federal taxes. Account owner always controls the account.
How many times a year can a 529 plan account holder move funds from one plan to another?
Once
How many times per year can a 529 plan account holder move funds from one plan to another?
1
Where can I go to get some information on my 529 plan?
If you need information on a 529 plan you already have then you need to contact the bank that you have the account with. If you need info on 529 plans, then you can talk to a financial planner and your bank or an accountant. You can also check out www.savingforcollege.com/
What is a 529 account used for in the US?
A 529 account is an account that is used in the United States for people who are saving for higher education expenses. Check out their official website, 529, for more information.
Can a 529 Plan be transfered to the Coverdell Education Saving account?
If you move money from a 529 account into a Coverdell Education Savings Account, you pay taxes and a penalty. It is only tax free if you move money FROM a Coverdell ESA to a 529 plan.
What is the requirement for the 529 plan?
The requirement for the 529 plan, for residents of Illinois, would be of course residence, and then you would need various proof of living and birth to show.
Who maintain control over the 529 plan?
The account holder
Who maintains control over 529 plan?
The account holder
Will the IRS allow me to use my 529 trust account to cover off campus housing or groceries?
Will the IRS allow me to use my 529 trust account to cover off campus housing or groceries
What information can you give me on a 529 savings plan?
529 Savings plans are designed to help someone save for college. Most 529 plans are state sponsored.
Where does the funds that are left over in a 529 account after all college expenses have been paid go to?
account holder
Why would you need a college bound fund?
A CollegeBoundfund is a Section 529 savings plan. A 529 plan is designed to enable people to save specifically for the college fees of a designated person.
What are American Funds' 529 Basics about?
American Funds' 529 Basics is about a number of things. Anyone can contribute regardless of income level. Withdrawals from qualified expenses are exempted from federal taxes. Account owner always controls the account.
What is the definition of an interested party in a 529 fund?
The Interested Party is someone other than the account owner that has the ability to call in and ask specific questions about the account. The interested party also gets duplicate quarterly statements. On a related issue, the Successor Account Owner is the person who will own the account if th eaower dies. If both the owner and successor died at the same time the account would then go the executor of the owner's estate.
