Are my current retirement savings sufficient? So you’ll need to check carefully so that you stay within the plan’s rules. What are the tax savings of a qualified retirement/cafeteria plan? Bankrate.com does not include all companies or all available products. In addition, not all states offer a tax deduction for contributions, and so you may simply not receive that benefit. Edvest uses funds from well-known asset managers TIAA-CREF and T. Rowe Price, among others. “Individuals saving for college have many ways to save for their planned education expenses, but 529 plans are definitely the biggest component for education funding right now,” says Holt. These states offer college savers a solid combination of low costs, good benefits and a proven track record of investment performance. That depends on the type of plan and how the money is invested. So if you have investing expertise, you may find the investment options less than optimal. Restructuring debts for accelerated payoff. Should I upgrade to a more fuel efficient vehicle? We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. We have prepared one-year, three-year, five-year and ten-year performance tables. While the 529 plan was developed to allow families to save for college, its mandate has since been expanded to include K-12 tuition at private schools, as part of the changes from the 2017 Tax Cuts and Jobs Act. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. Those figures are all the more reason why families need to take full advantage of 529 college savings plans – and it’s not just parents who can enjoy the tax benefits either. So at a minimum you can defer the penalty and taxes for a long time, if the original beneficiary has no qualified expenses. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. In a prepaid tuition plan, you’re buying college credits for future use. However, there’s a key difference between how the money can be used at these institutions. The plan is available for both in-state and out-of-state savers, and it offers up $4,000 in state tax deductions per beneficiary for Ohio residents. Find the best 529 college savings plan for your family. Any remaining funds can be withdrawn, though you will owe taxes and penalties on any earnings from the contributions in the account. “In addition to being able to better control investment suitability, it also allows for better record keeping for each beneficiary, as well as potential state-tax deduction benefits for more than one plan, depending on the state you live in,” says Sowhangar.
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