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Each college savings plan offers different benefits, designed to help every investor plan for the rising cost of a child's education. It's important to understand the differences between each plan and how it will affect your long-term college savings strategy.
529 College Savings Plan
Unique Benefits:
- Earnings grow federal income taxfree as long as the withdrawls are used for higher education expenses1
- You may be eligible to gift contributions of $130,000 per couple or $65,000 per individual for each beneficiary in just one year (as long as no additional contributions are made during the five-year period)
UGMA/UTMA
Unique Benefits:
- Contributions qualify for the gift tax exclusion
- You can gift securities as well as cash
- Earnings reported on child's Social Security number
Retirement
Rollover IRA
- Earnings grow tax-deferred until withdrawn
- When you use the account assets, withdrawls (including earnings) are free from federal income tax 2,3,4
