how 529 plans work | BTCC Knowledge

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What is a 529 college savings plan?

Also known as 529 college savings plans, these are tax-advantaged investment accounts designed for education savings. They work much like a Roth 401 (k) or Roth IRA by investing your after-tax contributions in mutual funds or similar investments. 529 plans offer several investment options from which to choose.

How does a 529 plan work?

529 plan funds are held at a brokerage, and owners can choose investments, adjusting risk levels based on the beneficiary's age. Investors are not required to use their home state's 529 plan and should consider fees, investment options and tax benefits when selecting a plan.

Can a 529 plan pay for college?

You can use a 529 plan to pay for college, K-12 tuition, apprenticeship programs, and even student loan repayments. Any leftover funds can be used in different ways, including funding a Roth IRA. There are two primary 529 plans: education savings plans and prepaid tuition plans.

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