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Tax Cut Makes ‘529’ College Savings Plans Tax-Free
Thursday, June 7th 2001
Families using Section 529 qualified tuition programs as a college-savings vehicle will benefit from a new law making qualified withdrawals from these state-sponsored plans exempt from federal income tax, effective 2002. Today President Bush signed into law the historic tax cut bill containing this, among other education provisions. The new law will also allow private institutions to develop their own prepaid tuition plans, although tax-free withdrawals from a private prepaid plan will not begin until 2004.
“This is a remarkable development for families with children,” says Joseph Hurley, author of “The Best Way to Save for College – A Complete Guide to 529 Plans” (Bonacom Publications, 2001, $26.95). “You can invest as little as $25, or as much as $250,000 for each child, and not worry about paying taxes on the gains as long as the funds are used for college.”
The attractiveness of 529 plans will be further enhanced by provisions allowing for same-beneficiary rollovers of accounts to other state 529 plans and higher limits on off-campus room and board expenses.
Hurley’s company, Savingforcollege.com, LLC, offers the free “Internet Guide to Section 529 Plans,” located at its recently enhanced web site www.savingforcollege.com. Information on the tax cut bill and its effect on Section 529 plans can be found there.
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