529 plans are one of the most popular college savings accounts due to their tax-deferred growth, tax-free withdrawals (for qualified educational purposes only), and generous contribution limits. You are free to choose any state’s 529 plan, and the beneficiary can attend school in any state regardless of which state’s plan you choose.

Key Benefits

  • Contributions may be state income tax deductible, depending on your state
  • Earnings are tax-free if used for qualified educational purposes
  • 10% penalty applies only to earnings for a non-qualified withdrawal
  • Cannot be used for elementary or secondary education
  • Unused balances can be transferred to another beneficiary
  • Income limits do not apply

To get started on education planning or funding a 529 plan, please call our Director of Financial Planning, Jonathan Stano, CFP®, at 864-552-4779 or submit a contact form.

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