CC and 529 Plans

A 529 plan is a savings program for primary, secondary, and higher education expenses that can provide some tax saving benefits, such as being able to deduct contributions from state income tax. These plans are authorized by the IRS and are sponsored by states, state agencies, or educational institutions.

However, states are able to modify the rules that determine the use of funds in their 529 plans. Families should consult with a qualified tax preparer in their state regarding the kinds of expenses that can be paid for with a 529 savings fund. Unfortunately, we are not able to provide individual tax advice. 

More information on 529 plans can be found on the IRS website https://www.irs.gov/newsroom/529-plans-questions-and-answers.

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