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Education Planning / 529 Plans

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Why are 529 plans a good option to pursue for education planning goals?
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Why are 529 plans a good option to pursue for education planning goals?
529 plans are a good option to save for higher education because they are tax-deferred, they earn interest, they allow for automatic investments and you can contribute as much money as you’d like.
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Who can contribute to 529 plans?
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Who can contribute to 529 plans?
Anyone can contribute to 529 plans including parents, grandparents, and children 18 years of age or older.
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Is there a maximum amount of funds that can be contributed to a 529 plan?
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Is there a maximum amount of funds that can be contributed to a 529 plan?
Yes; Each contributor may give up to $14,000 per year. Or, you can front-load the account and put up to 5 years’ worth (per contributor) of funds in at once. If a contributor chooses to front-load the account, that contributor cannot make any contributions for the corresponding number of years. The total maximum that can go into one 529 plan is $298,770.
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These questions and answers are provided for general information only and may not be completely accurate in every situation. The information provided is not legally binding on MutualBank or any of its affiliates or subsidiaries. For assistance with specific questions regarding your account(s), please contact us.

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