Do you have a 529 plan? Then read this.

529 College Savings Plans are popular vehicles through which to save for college expenses, especially for those individuals with income that is too high to qualify for other education credits and deductions. But what are the tax consequences when you withdraw money from a 529 plan?

In general, money withdrawn from a 529 plan is not taxable if it is used for qualified education expenses such as tuition, room & board. But there are some finer points that are good to know and this article does a great job of explaining them. Please take a look if you currently have a 529 plan or plan to open one.

As always, feel free to contact me at tperricelli@scottmcelveen.com with any question or comments.