Posted On: 03/15/2013 10:46:50 PM
Post# of 351
The meaning and definition of 529 College Savings Plan -
A savings plan sponsored by a state to assist with saving money to cover the cost of educational expenses. Earnings grow tax-deferred, but contributions are not tax-deductible. Withdrawals for non-qualified educational expenses are subject to income tax and a 10% IRS penalty. Distributions may be taxable.
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