The Compelling Features of 529 College Savings Plans
Tax Advantages – Earnings grow tax-free and withdrawals from a 529 College Savings Plan for qualified higher education expenses are free from federal tax. Tuition, room and board, required books and supplies are all qualified higher education expenses.
A 529 College Savings Plan – can be used for any accredited college, not just schools in the state that sponsors your plan. Includes undergraduate, graduate, post-graduate and technical training.
Anyone Can Contribute – to your child’s 529 Plan – parents, grandparents, uncles and aunts, other family members and friends.
Up to $15,000 Per Person – a year in 529 Plan contributions allowed starting in the 2018 tax year ($30,000 for married couples) without gift-tax consequences. Or, under a special election, up to $75,000 ($150,000 for married couples) can be contributed at one time by accelerating five years’ worth of contributions.
No Income Limits – You can contribute to 529 College Saving Plans no matter how much you earn.
Ability to Save for Anyone – your child or grandchild, a niece or nephew, a friend or yourself. You can even change beneficiaries within the same family.
Control of Your Assets – You decide when to make withdrawals. You can move your assets once a year or when you change beneficiaries.
Attention Grandparents – A 529 College Savings Plan may be the best Gift you can give your grandchild.
Marin Wealth Advisors – Will make sure you have the best possible plan for education savings and investing.
Uniform Transfer to Minors Account (UTMA) – A UTMA may be an important consideration for expenses beyond direct education expenses.
College Coach – Consider a College Coach early for choosing the right school at the right price for your child.