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Best answer by ThomasM125

No, a 529 plan is a tuition savings plan. The contributions are not tax deductible like in a traditional IRA account. The tax benefit is that you don't have to pay taxes on the income generated if you use the proceeds of the fund for qualifying education expenses.

1 reply

January 18, 2024

No, a 529 plan is a tuition savings plan. The contributions are not tax deductible like in a traditional IRA account. The tax benefit is that you don't have to pay taxes on the income generated if you use the proceeds of the fund for qualifying education expenses.

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