8 common 529 plan mistakes to avoid

Joseph HurleyBy: Joseph Hurley | 
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1. Not Using a 529 Plan to Save for College

If you're not using a 529 plan to save for college, you could be missing out on:

  • Federal tax-free earnings growth
  • Tax-free withdrawals
  • State tax deductions or credits on contributions
  • Full control of the funds in the account
  • No income or annual contribution limits
Joseph Hurley

Joseph Hurley

CPA, Founder
Joe Hurley launched Savingforcollege.com in 1999 while working as a tax CPA in Rochester, New York. He wrote and self-published the book 'The Best Way to Save for College--A Complete Guide to 529 Plans', now in its eleventh edition with over 100,000 copies sold. Through the years Joe and his wife Ginny opened accounts with 529 plans in 34 states for their two children, both of whom are now graduated from college. (The reason for so many different accounts was to facilitate research of 529 plans.) Joe now spends his full-time at Kettle Ridge Farm (maple syrup, honey, and shiitake mushrooms), though you may still see him occasionally at Savingforcollege.com.