529 Savings Plans: These plans allow tax-advantaged savings for education expenses. They can be used for both undergraduate and graduate studies, as well as certain K-12 expenses.
Contribution Limits: Contributions are subject to gift tax limits but have no specific statutory maximum under federal law.
Tax Treatment: Earnings grow tax-deferred and are tax-free if used for qualified education expenses.
IRS Section 529 Guidance: IRS 529 Plans.
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