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FAQs: The Basics of 529 College Savings Plans
FAQs: The Basics of 529 College Savings Plans
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Basics of 529 Plans
Are there different kinds of 529 plans?
Where can I use a 529 plan?
What is a 529 plan?
Do I have to pay taxes on the money in my 529 plan?
Who can open a 529 account?
Can a beneficiary have more than one account?
Can friends and relatives contribute to an account?
Can I use the funds in a 529 account for books? Or is it for tuition only?
May I use the funds in my 529 plan for purposes other than higher education expenses?
My child is already in high school. Is it too late to open an account?
What if my beneficiary receives a scholarship?
Can I transfer ownership of my account to someone else?
Who qualifies as a family member of the beneficiary?
What are "Qualified Higher Education Expenses"?
Are there income limitations for participating in a 529 plan?
Can an account in a 529 plan be rolled over to another 529 plan?
Are there estate tax benefits with a 529 plan?
What happens if my child doesn't go to college right after high school or at all?
Can relatives other than parents open 529 plans?
How will using a 529 plan affect eligibility for financial aid?
Maryland 529 Basics
What plans are offered by Maryland 529?
Can I choose both plans?
When can I enroll a newborn into the plans?
What are the risks involved in the plans?
What if I move out of Maryland after I open an account? What if the beneficiary moves out of Maryland before he or she attends college?
Can I change the investment and payment options for my account?
Can I enroll in the Maryland 529 Plans even if I don’t live in Maryland?
Are there any income tax benefits to saving through Maryland 529?
Can I use the plans at any college in the country or just those in Maryland?
Why are there two plans and how are they different?
What should I do with my plan if my child gets a scholarship?
Can I roll over an out-of-state 529 plan into a Maryland 529 plan?
How much does it cost to get started?
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