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The Benefits of 529 College Savings Plans
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Episode #27
The Benefits of 529 College Savings Plans
Guest Name: David Bell
About the Guest: Deputy Director with the office of the Oregon State Treasurer
Most College Savings 529 plans are housed at their state treasurer’s office, so we asked David Bell, a previous guest on the Money Fit Show (Episode 13) back to discuss the ins and outs of how college savings 529 plans can benefit students and their parents.
Episode Topics
- The Basics of a College Savings 529 Plan
- Federal and State Tax Benefits for Contributors to 529 Plans
- Why May 29 Is College Savings Day Each Year
- Using 529 Plans in States Other than Where You Live
- Using Your State 529 Plan to Go to School Out of State
- Using 529 Plan Funds for College, Trade Schools, Apprenticeships, etc.
- Using 529 College Savings for Private K12 Tuition
- Options for Your 529 Funds if the Student Chooses Not to Go to College
- The Minimal Penalty if Funds Are Withdrawn for non-Educational Purposes
- The Motivational Aspect of a Child Knowing They Have a College Fund
- Recommendation to Start Researching Your State’s 529 Program
Links referred to in the episode, and how to connect with the guest, David Bell:
Oregon State Treasury Savings Network Financial Empowerment
IRS Information about 529 Deductions
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