A 529 plan is a tax-advantaged investment vehicle in the United States designed to encourage saving for the future higher education expenses of a designated beneficiary. After tax contributions account where earnings grow tax-free and withdrawals from the plan for qualified higher education expenses are free from federal taxes. Tuition, room and board, required books and supplies are all qualified higher education expenses.

With no income limits, anyone can contribute – to your child’s 529 Plan – parents, grandparents, uncles and aunts, other family members and friends. Up to $16,000 Per Person – a year in 529 Plan contributions allowed starting in the 2022 tax year ($32,000 for married couples) without gift-tax consequences. Or, under a special election, up to $80,000 ($160,000 for married couples) can be contributed at one time by accelerating five years’ worth of contributions.

Our advisors will create a customized education funding plan utilizing all the tax efficiencies available to you based on your circumstances.