Welcome to Saving Money with Andrew! Almost a year and a half ago, I first sang the praises of 529 college savings accounts.[1] These accounts, which let you save tax-free for education expenses for kids and other family members, combine some of the best features of other tax-advantaged savings vehicles, such as IRAs and 401(k)s. Contributions grow tax-free, provided that the funds are ultimately used for qualifying educational expenses. And as an added bonus, about 30 states provide a state income tax deduction for contributions.
Starting A 529 Account Early
Starting A 529 Account Early
Starting A 529 Account Early
Welcome to Saving Money with Andrew! Almost a year and a half ago, I first sang the praises of 529 college savings accounts.[1] These accounts, which let you save tax-free for education expenses for kids and other family members, combine some of the best features of other tax-advantaged savings vehicles, such as IRAs and 401(k)s. Contributions grow tax-free, provided that the funds are ultimately used for qualifying educational expenses. And as an added bonus, about 30 states provide a state income tax deduction for contributions.