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College Savings Plans

Rating 529 College Savings Plans
by Jan E. Eighme/Journal of Accountancy

College expenses are increasing faster than the average paycheck, but IRC section 529 savings plans can narrow the gap. These plans provide numerous advantages and have few disadvantages compared with other options. They offer tax savings, estate planning benefits, high contribution limits and no income limitations. One of the few drawbacks is that investment decisions usually are made by the state treasurer’s office and the 529 program manager. As a result clients will want to know which states have the best-performing plans. CPAs offering financial planning services to their clients should be prepared to provide this information...

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