Accounts may be opened with as little as $25. Contributions to a 529 account on behalf of any designated beneficiary cannot exceed the necessary amount of qualified education expenses of the beneficiary. You can use your 529 plan to cover rent, utility, and grocery. Off-campus housing also counts as a qualified expense. The program currently offers seven investment options, including: two managed age-based funds, a 100% equity fund, a balanced fund, a 100% fixed-income option, a money market option, and a guaranteed option. Qualified education expenses include tuition, mandatory fees, computers, books, supplies, and room and board (must be enrolled half-time or more). Contributions up to $4,000 per year, per beneficiary, are eligible for a Georgia state income tax deduction for those filing a single return and $8,000 per year, per beneficiary, for those filling a joint return. Funds may be used at virtually any college or university in the United States, and many abroad.
Savings in the program grow tax-deferred and withdrawals for qualified higher education expenses are tax-free.
529 ELIGIBLE EXPENSES CODE
Section 529 plans are offered by states under the federal tax code and may provide significant tax advantages to parents and others who save for future higher education expenses. The Path2College 529 Plan is offered by the State of Georgia, with TIAA-CREF Tuition Financing, Inc. The Path2College 529 Plan, operated under the Georgia Office of the State Treasurer, gives you a way to start saving today to prepare for a child's tomorrow. But when it comes to the dream of higher education, the reality of skyrocketing tuition can make that dream look out of reach. Children are our most precious assets, and you want to give them the best.
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