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Save for college in tax-advantaged accounts.

Publication: The National Public Accountant
Publication Date: 01-NOV-05 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
For the 2004 through 2005 period, the average cost of attending a 4-year private college is $20,082--up 6 percent. The cost of a 4-year public college is $5,132--up 10.5 percent. The tax laws provide certain tax-advantaged savings methods to encourage saving for college. Although contributions to all of these plans are not deductible for federal income tax purposes, the funds build up on a tax-deferred basis, and earnings are never taxed if distributions are used for tuition and other eligible expenses.

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529 Savings Plans

All states have college savings plans, and contribution limits and investment options are set by each state. The amount of money available at the time the child is in college depends on the plan's investment performance. Investment losses from 529 savings plans can be claimed only if...

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