Does a 529 -individual count as an IRA traditional?

laurenbouthiller · ‎January 17, 2024

ThomasM125 · ‎January 17, 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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ThomasM125 · ‎January 17, 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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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Does a 529 -individual count as an IRA traditional?