Today, 529 is the Way to Go.
Today, more and more parents are turning to 529 plans
to fund their children’s college education. Why?
There are several reasons.
First, tax breaks. In Illinois, all benefits or earnings
accrued through 529 plans are 100 percent exempt from
state and federal income taxes. Individuals can deduct up to $10,000 of their contributions
from their Illinois state taxable income each year ($20,000
for married couples).
Second, flexibility. With so many plan choices and
payment options, you can choose the 529 plan that best
fits your needs. And these reasons for choosing a 529
plan are just the beginning. There are a number of other
reasons why 529s are quickly becoming the 401(k) of
the college funding world. Here's a brief look:
For additional information about 529 plans in general,
go to the College Savings Plans Network.
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