A 529 plan is a tax-advantaged savings account used for education expenses. There are two big advantages to having a 529 plan. Most notably, it grows tax free, meaning that when the money is eventually used for education purposes, the investment growth will have no tax burden. In addition, you the investor may qualify for a tax deduction when you put money into a 529 plan. A new provision was added to 529 plans so they can now be used for K-12 education expense in addition to post-secondary education as well!
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