My preference for saving is an IRC Section 529 plan
An employer might want to offer an employee with young children access to a Section 529 plan
In Announcement 2008-17 (REG-127127-05), March 3, 2008, the IRS stated it plans to provide formal guidance on how to recognize a loss in a section 529 plan
but that in the interim, taxpayers may rely upon the interpretation of Publication 970.
The interest on I-bonds can also be tax-free if they are rolled into a Section 529 plan
for your education or that of a spouse or dependent.
Keywords: Asset, Allocation, College, Savings, Taxes, Section 529 Plan
In addition, the generation skipping tax is not applicable to transfers under a section 529 plan
DeGennaro's paper explores the important distinction between the decision to allocate funds to a Section 529 plan
and the decision to allocate funds within the plan.
Similar to the Education IRAs, you can get both the Hope or Lifetime Learning Credit and tax-free distributions from your Section 529 plan
in the same year, as long as they cover different expenses.
Arkansas knows that the right education can change the lives of entire families," said Martha Shoffner, Arkansas' State Treasurer and Chairwoman of the Arkansas Section 529 Plan
Review Committee, which oversees the Arkansas College Savings Plans.
You have more control with a Section 529 plan
than with an education IRA," says Romero.
A QSTP, also known as a Section 529 plan
, imposes no age or income limitations on participants, so the benefits are available to all.
Treasurer Martha Shoffner, who oversees Arkansas's 529 Plans in her role as chairperson of the state's Section 529 Plan
Review Committee, added: "Arkansas families face plenty of challenges every day, and they are all working to overcome those obstacles and build a bright future.