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by Answerbag Staff on April 18th, 2010

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Are 529 college plans federal tax deductible?

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  • by Russell Huebsch on April 18th, 2010

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    It depends. At the federal level and in most states, 529 plans are not taxable as long as you use them for college-related expenses, according to the Securities and Exchange Commission. However, using 529 earnings for other things will result in a 10 percent tax. Also, transferring plans from other states may not give you tax benefits

    Source:

    US Securities and Exchange Commission: An Introduction to 529 Plans

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