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However, states might set an annual limit.
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A 529 plan allows contributions from both the plan account holder and any other individuals.
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Receiving distributions from a 529 plan to pay for qualified college expenses is tax-free, but withdrawing funds from a 529 plan for anything other than qualified college costs carries a tax impact.
Qualified tuition plans - also known as 529 plans, named after the section of the Internal Revenue Code that governs them - are financial accounts designed to provide a tax-advantaged way to save for college.
Qualified College Expenses, although contribution limits vary among different 529 plans, each must follow the overriding IRS edict that contributions cannot exceed the funds needed to pay for qualified college expenses for the beneficiary.