This past month both the US Senate and House of Representatives introduced legislation to make enhancements to 529 College Savings Plans. These tax-free plans are used by millions of families to save for their children’s future higher education expenses. 402 more words
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529 funds must be withdrawn and used within the same year that expenses are incurred to preserve tax benefits.
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Question: My daughter’s college is offering a discount if you prepay in year one for all four years.
I guess by now everyone has heard about Obama’s plan to eliminate college savings plans.
The left-leaning New York Times reported on it:
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President Obama is proposing a radical change to the 529 college savings plans held by millions of families, which would require those who use them to rethink their approach to college savings.
After attempting to find data on this, we ended up just drawing from a small bit of data found in a budget highlights document. It was frustrating knowing that there was some deeper, more interesting graphs to be found in this subject but not having the time to investigate. The graph accompanied this article.