When your child is ready for college, a 529 plan can help parents be ready. The name “529” refers to the Internal Revenue Code section that discusses this type of college savings tool. Most 529 plans are sponsored by individual states.
The College SAVE Plan, sponsored by North Dakota, offers a state tax deduction of up to $5,000 ($10,000 if married, filing jointly) to ND taxpayers.
There have been changes to the Tax Law regarding a 529 plan. Under the new tax law, the following is free of federal income tax: “529 plan account withdrawals used to pay K-12 Tuition (expenses for tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school).
So now saving for WTCS & College is even easier! Check it out online at www.collegesave4u.com.
