This Business News Story Was Uncovered By Us From: https://www.youngadultmoney.com/2019/04/17/contribute-529-plan/
This exclusive industry connected news Feature, was selected personally by Marcus lee, who is one of our undercover online business news reporters – will offer you added insight in how these points of views could be decoded into your own business projects.
If you are one of those who was lucky enough to not have student loans, you likely know someone else who had them or has them. It’s also almost impossible to avoid the near-daily reminders of how big of an issue student loan debt has become.
It’s natural to want to help your children – or future children – avoid graduating with a large amount of student loan debt.
For some that may mean delaying having children until a later age. But more and more millennials have children or plan on having them in the near-future. Many are thinking about what the best way to help their kids avoid student loan debt.
Anyone who has looked into this for even a short amount of time likely has come across 529 plans. If you aren’t familiar with 529 plans, they are used to save money for future education expenses. Withdrawals are tax free when used for qualified education expenses (i.e. tuition, textbooks on the required list for a class, etc.). Contributions are not tax deductible, so the benefit is the fact that the gains on those contributions are not taxed when you withdraw funds for qualified education costs.
We all know the cost of college has only increased in recent years. Saving for your children’s college education seems like a no-brainer, if not a necessary and responsible thing to do. After all, you don’t want them burdened with student loan debt, right?
But before you contribute to a 529 plan or continue to contribute… Read More
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