Reality Times, October 16, Is a New Down Payment Tax Break in the Works?
Qualified tuition plans, also known as 529 plans, are among the most successful government programs ever. The plans help families save money for college and private school tuition. Parents can save up $10,000 per student by contributing to a qualified plan. The earnings on the savings will are not taxed at the federal and state levels in many states.
Over the past 15 years, total investmentsin 529 plans have increased over 400 percent, to $373.5 billion. By the end of June 2020, the 529 plans were helping 14.6 million students pay for school.