529 Saving Account

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529 Saving Account

A 529 is a type of savings you can take out for a college fund, or "qualified tuition plans". 529 Savings Plans are sponsored by states, state agencies, or educational institutions. The 529 saving account is not taxed as long as its is only used for college related expenses. There are certain restrictions but generally can be used to cover tuition, room, board, books, laptops, etc. In some instances the 529 plan can also be used for private grade and high school costs. Money in the savings fund can be invested in equities or fixed income funds, ETFs and more. It is a popular type of savings plan because in most instances it is not subject to state or federal tax.

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