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Should I open a 529 college savings plan for my Baby?

Opening a 529 college savings plan for your baby can be a great way to save toward their eventual college education costs. The money you put in a 529 plan can grow tax-free — whereas you might have to pay tax on gains from other types of investments.

What is a 529 plan?

529 plans are tax-advantaged programs that are designed to help you pay for your child’s primary, secondary, or college education. The most common type of 529 plan is the 529 savings program, sometimes also called college savings plans (CSPs) or college investment plans (CIPs).

Can a 529 college savings plan cover a child's education?

The tax reform law adopted in December 2017 expanded how families can use 529 college savings plans. Starting in 2018, you can use plan funds to cover up to $10,000 of qualified education expenses for each child you have in kindergarten through 12th grade at a public, private or religious school.

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