529 Education Plans

 

• Earnings in 529 accounts can grow free from Federal tax and Minnesota state tax.

• Withdrawals for qualified higher education expenses are free from Federal tax and Minnesota state tax.

• 529 plan assets can be used to pay for qualified higher education expenses at any eligible educational institution.

• Assets in a 529 plan can be used to pay for a variety of higher education expenses, including tuition, room and board, books, supplies, and certain other fees and expenses.

• You can open a 529 plan for anyone--your child, grandchild, spouse, friend, or even yourself.

• There are no income limits. You can contribute now matter how much you earn.

• The account owner, rather than the beneficiary, maintains control of account assets and determines the timing and amount of distributions.

Review Jim's informational links below:

529 General Information

How 529s Work: Contributions & Withdrawals

The Effects of 529s on Financial Aid

529s and Estate Planning

Jim Stephan can help you:

• Transfer current savings to a potential tax-free 529 plan

• Determine how much you should save today to meet tomorrow's college costs

• Identify the actual costs of your chosen colleges

Call or email Jim for more personalized assistance:

(Phone) 507-287-6160   
(Email) jim@jimstephan.com