State 529 Saving Plans for Education

state aid notes

State 529 Plans

  • savings programs established and administered by States for the purpose of setting aside savings for "qualified higher education expenses"
  • family member setup and make contributions to a fund with a States that sponsors 529 College Prepaid Tuition and/or Savings Plans
  • special plans to lock-in future education costs
see this 529 center for state-by-state information
Use this tally sheet to keep tabs on your financial aid needs.

ESA Plans for Education

tax credit notes

ESA (Coverdell Education Savings Account)

If your modified adjusted gross income (MAGI) is less than $110,000 ($220,000 if filing a joint return), you may be able to establish a Coverdell ESA to finance the qualified education expenses of a designated beneficiary.

There is no limit on the number of separate Coverdell ESAs that can be established for a designated beneficiary. However, total contributions for the beneficiary in any year can't be more than $2,000, no matter how many accounts have been established.

Contributions to a Coverdell ESA aren't deductible, but amounts deposited in the account grow tax free until distributed.   If, for a year, distributions from an account aren't more than a designated beneficiary's qualified education expenses at an eligible educational institution, the beneficiary won't owe tax on the distributions.

see IRS publication for information

IRA Withdrawals for Education

tax credit notes

IRA Withdrawals

  • you can make withdrawals from your IRAs for qualified higher education expenses without having to pay the early withdrawal penalty tax
  • You will owe income tax on at least part of the amount withdrawn
see IRS publication for information

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