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mr Goodwill [35]
3 years ago
10

Type the correct answer in the box. Spell all words correctly.

Business
1 answer:
Solnce55 [7]3 years ago
5 0

Answer:

529

Explanation:

A 529 plan is a plan to encourage savings for future education expenses.  The money saved in a 529 plan is not subject to taxation as long as it will be used for education purposes.

Parents, grandparents, or guardians can open 529 savings account for a child, who will be named as the beneficiary.  The contributor of funds to the account may be eligible for a state tax deduction for contributing to a 529 plan. The gains on the accounts are exempt from tax if they are to be used on education expenses.

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