Section 529

In: Business and Management

Submitted By walmarr
Words 592
Pages 3
Under a Section 529 Qualified State Tuition Program Savings Plan, a contributor deposits cash into an account established to meet a designated beneficiary’s qualified higher education expenses. Unlike a Prepaid Tuition Plan which may be offered by a state or college, a College Savings Plan may only be established by a state. To receive tax-exempt status, 529 plans must meet five requirements relating to their operations which are: (1) they can only accept cash contributions; (2) they must provide a separate accounting for each beneficiary; (3) they may not permit either contributors or beneficiaries directly or indirectly to guide the investment of a 529 account's contributions or earnings; (4) they must prohibit the pledging of any interest in a 529 account as security for a loan; and (5) they must provide adequate safeguards to prevent contributions in excess of those necessary to pay the beneficiary's QHEEs. Contributions to a College Savings Plan can only be made in cash as mentioned above and no deduction is allowed for those contributions except in the states of Arizona, Kansas, Maine, Missouri and Pennsylvania. However, there are many tax incentives to contributing to a College Savings Plan. The amount of annual contribution of the plan is unlimited subject to the maximum balance of the beneficiary’s qualified higher education expenses. The earnings in this plan grow tax-free, and distributions from the account are also tax-free, also as long as the distributions do not exceed the beneficiary's qualified higher education expenses. If distributions were to exceed the beneficiary’s adjusted qualified education expenses, the amount would have to be included in the beneficiary’s gross income. With transfers and rollovers, no tax has to be paid when assets from one College Savings Plan are transferred into a second plan for the benefit of the same beneficiary or…...

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