Dec 17, 2008 . In your situation, closing the 529 account triggers an $18000 write-off. If you re in the 28% federal tax bracket, you save $5040 (0.28 x .

Over time, tax-advantaged accounts such as 529 accounts may outperform similar investments in a taxable savings account. As you can see from the example .

Tax-Free Earnings The earnings on your account in the NC 529 Plan are free from federal and, for North Carolina residents, North Carolina income taxes, .

This means that you won't pay taxes on the 529 account earnings unless the money is used for something other than higher education. .

What are the tax advantages of contributing to a grandchild's existing 529 college savings account? Find out here. CollegeInvest – we help you get there.

There are two types of tax-advantaged college savings plans designed to help parents finance higher education: 529 Plans and Education Savings Accounts .

1 post - Last post: Jul 23, 2007Question about 529 account and state / federal taxes and federal gift taxes My daughter is starting college. I am fortunate to have the .

Alternatively, the change can be made by changing the name and tax identification number on the 529 account to that of the new designated beneficiary. .

Jan 7, 2010 . You can use any of the several tax free savings accounts available to raise a fund for your child's education. The 529 account is immensely .

Dec 21, 2010 . Additionally, funds in a PA 529 account are not subject to yearly taxes as they grow, and, if used for qualified expenses, such as tuition .

This is the first year we have drawn money from a 529 account and I just want to make sure we are filing correctly tax wise. The account is owned by.

Account owners maintain control over all funds in the 529 College Savings Account. 529 College Savings Plans also offer gift and estate tax planning .

The North Carolina 529 Plan is now offering an SECU deposit account as one of . Save for college while also saving on your taxes with an NC 529 Account! .

A 529 plan is a tax-advantaged investment vehicle in the United States . . The 529 account is counted as an asset that may affect the eligibility of .

Feb 28, 2011 . In states that offer an income tax deduction for deposits to a 529 college savings account, there is a little-known trick that can yield .

In addition, no federal or state taxes are due to the federal government or to most states* when money is withdrawn from your 529 account and applied to .

You should see your tax advisor for more information regarding the gift and estate tax consequences of opening an Account. The MFS 529 Savings Plan makes it .

All states defer earnings on 529 accounts from state income taxes and many state treat distributions paying for qualified expenses as tax-free for their .

Can I roll savings bonds in to a 529 plan? Can I transfer custodial account funds to a 529 plan? Can I write-off a 529 contribution on my state taxes? .

Withdrawals from 529 accounts can't be used to pay for the same expenses already covered by tax-free financial aid or scholarships, or that you plan to use .

Are there any gift tax consequences when changing the beneficiary of a > > 529 college savings account? > So if the new beneficiary is not any of those .

Of course, a nonqualified distribution from an underwater 529 account is not subject to federal tax or penalty anyway since there or no "earnings. .

Yes, though transferring UGMA/UTMA assets into a 529 plan account may result in a tax liability. You should discuss this with your financial advisor. .

Investments in a 529 savings plan grow tax-free as long as the money is used to . plans will even allow you to set up a 529 savings account for yourself. .

Jan 12, 2011 . Earnings on 529 accounts are tax deferred and, if used for qualified higher education expenses, are federal income-tax free. .

Aug 6, 2007 . A 529 plan is a tax-advantaged savings plan designed to encourage . do not use the money in a 529 account for higher education expenses. .

The money you put in a 529 account is considered a gift and, as such, qualifies for the annual $11000 gift tax exclusion. That is, as of 2006, .

This means that you can contribute up to $13000 per year to the 529 account of any beneficiary without incurring federal gift tax. .

Aug 17, 2006 . 529 plans only accept cash. You must cash out the investments in the custodial account and pay taxes on any gains before you can transfer .

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Nov 20, 2008 . Are there any gift tax consequences when changing the beneficiary of a 529 college savings account? Contributions to a 529 plan are clearly .

A 529 college savings plan is a very simple way to save money for your kids' (or anyone else's) college . You pay no taxes on the account's earnings. .

The reason: You pay zero federal income tax on the earnings accumulating in a 529 account. Furthermore, you'll pay no tax on withdrawals used to pay for .

Tax advantages. Earnings in 529 accounts can grow free from federal tax. A number of states allow a deduction from (or a credit against) state taxes for all .

This means that, unlike the taxes you have to pay on earnings from regular stock investments, you won't pay any tax on the 529 account earnings unless you .

Earnings in 529 accounts are federal tax-free when used for qualified educational expenses such as tuition, books, and room and board. .

CollegeWealth® allows families to benefit from the federal and, for Virginia residents, state tax advantages of 529 accounts – and take advantage of the .

[pa5] - Benefits of the Plan TAP 529 offers great tax advantages.

All of the earnings in your 529 account are free from federal income tax at the time of withdrawal as long as they are used for qualified education expenses .

Are 529 Accounts Tax Deductible?. Parents and grandparents often seek ways to offset the cost of higher education for children. The cost of college tuition .

A Section 529 account provides a tax-advantaged way to save and invest for a child's or grandchild's future qualified higher-education expenses.1 The .

Allowed one to use a section 529 plan, Coverdell Education Savings Account, Hope Scholarship and Lifetime Learning tax credit in the same year, .

Dec 8, 2008 . Section 529 is silent regarding whether distributions must be made from a section 529 account in the same tax year as QHEEs (qualified .

1 If an account owner or the beneficiary resides in or pays income taxes to a state that offers its own 529 college savings or pre-paid tuition plan (an .

In addition, no federal or state** taxes are due when money is withdrawn from your 529 account and applied to qualified expenses: tuition, room and board, .

Nov 24, 2008 . The tax consequences depend on who received the money from the 529 plan: you or your son. If you, as account owner, requested the refund, .

If you qualify for a Roth individual retirement account, consider opening one before you think about a 529 account. The primary tax advantages are the same .

Although specific rules vary by state, most 529 plans allow for a transfer from another account, tax-deferred, as long as the amount of the withdrawal is .

Eligible educational institution, An institution must be eligible in order to use the assets of a 529 plan account without incurring tax penalties. .

You may perform a federal income tax-free rollover from another 529 plan into your CollegeChoice 529 account for the same beneficiary once every 12 months. .

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