Eric’s Note: Tax benefits are specific to Alabama. Originally published at www.mcclainlovejoy.com: http://wp.me/p31Bd2-w9
Does the thought of a $100,000 college bill for one kid leave you feeling out of control? You can use a 529 college savings plan to save and pay for college in a tax preferential way
529 is tax code section which enables states to setup and offer college savings accounts. They come in two flavors–Prepaid Tuition plans, which we generally suggest you avoid.
Ccontributory plans or 529 college savings accounts which operate like a 401k/403b retirement plans with contributions dedicated to a single goal: paying …Read More