What is meant by a 529 Plan?

529 Plan is a tax-deductible savings plan used to fund education. Originally limited to post-secondary education costs, it was expanded to include K-12 education in 2017 and apprenticeship programs in 2019. The two main types of 529 plans are savings plans and prepaid curriculum. Savings plans are tax deferred, and withdrawals are tax-free when used … Read more