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

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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

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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  • You will owe income tax on at least part of the amount withdrawn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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