A 529 plan can help you save more money than a traditional savings account because...

Social Studies

1 answer:

ryzh [129]2 years ago

3 0

Answer:

Explanation: A 529 Plan is an educational savings plan with tax advantage to the saver and it is also known as legally as a qualified tuition plan.

It is authorized by Section 529 of the Internal Revenue Code and sponsored by state agencies or educational institutions.

It is important to know that the interest generated under the 529 plan is not taxable by government.

Basically the 529 plan is for future educationally qualified expenses.

While a traditional saving account

is a normal savings account where one can save money in and also has the right to withdraw such funds whenever the funds are needed.

A traditional savings plan also generates interest but the interest generated are taxable. The interest generated on this account are usually moderate as the fund s are not held for a long time.

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