529 Education Savings Plans: Tax Benefits for College
By IRS Education Credits Office | 7 min read
Save for education with tax-advantaged 529 plans. IRS rules for contributions, withdrawals, and qualified expenses.
Section 529 plans offer tax advantages for education savings according to the IRS. Benefits: Tax-free growth and withdrawals for qualified education expenses, State tax deductions in many states, High contribution limits (often $300,000+), Can be used for K-12 tuition (up to $10,000 annually). Qualified expenses include tuition, fees, books, supplies, room and board. Some plans allow investment in any state program.\n\n**Related Resources**\n- [Financial Planning Tools](/tools)\n- [Budget Calculator](/budget-planner)\n- [Credit Guide](/category/Debt%20%26%20Credit)\n- [Money Saving Tips](/category/Save%20Money)