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What is a 529 plan?

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A 529 plan is an investment plan designed to help families save for future college costs. 529’s are considered to be “state sponsored” because each state has their own unique plan. In some cases, states offer more than one 529 plan. 529 refer to Section 529 of the Internal Revenue Code.

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529 plans were established to help parents and grandparents save money for college that can be used at schools across the country and some institutions abroad. (The name “529” refers to the Internal Revenue Code section that discusses this type of college savings tool.) With the many attractive features and benefits they offer, 529 plans have become one of the most popular ways to save for college.

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IRS Section 529 Plans are qualified tuition programs that receive special tax treatment. These plans are specifically designed to help families of any income level save for higher education expenses. All 529 plans, are state-sponsored plans, they require state legislation to enable them.

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529 plans are savings vehicles designed to encourage saving for higher education (“529” refers to section 529 of the Internal Revenue Code). Most states offer a 529 plan. State programs differ regarding participation requirements, investment options, state tax advantages, use of contributions, and other benefits. You should compare this plan with any 529 college savings program offered by your state.

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Named after the tax code that created them, 529 college savings plans provide a way to invest for higher education expenses. These state-sponsored plans are typically managed by a professional financial services firm, such as Wells Fargo Funds Management, LLC. Learn more about the benefits of 529 plans and EdVest.

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