Do you know how much you need to save to send your kids to college? Here are 6 things you may not know about 529 college savings plans:
- You get a Pennsylvania tax deduction.
- It doesn’t affect your eligibility for financial aid.
- If you don’t use the money, you can change the beneficiary to one of your other children.
- You can use the funds to purchase your kid’s college computer and software.
- You can change the investments.
- 529 contribution is the only completed gift that is revocable (you can take it back at any time and only the gain is subject to tax and penalty).
Call us at 724-942-3340 to setup a meeting to learn more. We can help you map out a saving strategy to meet your goals!