What is a 529 Plan?
What Are 529 Plans?
A 529 plan (aka qualified tuition plan or QTP) is operated by a state or educational institution with tax benefits and other incentives, making it easier to save for college, post-secondary training, and K–12 education expenses.
Formerly limited to higher education, 529 plan distributions can be used towards qualified K–12 expenses – up to $10,000 per student – in tax years 2018 through 2025.
You can set up a 529 plan for yourself or a designated beneficiary such as a child or grandchild. Earnings on 529 plans aren’t taxed by the federal government nor most states, as long as the distributions are used towards qualified education expenses.
Distributions from 529 plans are generally reported on Form 1099-Q.
Can I deduct contributions to a 529 plan?
No, not on your federal taxes. However, some states let you deduct all or part of your 529 plan contributions.
If your state is one of those states, we'll prompt you to enter your 529 contributions when you get to the credits/deductions portion of your state tax interview.
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