Saving For College: Best 529 Plans For 2023


College Gifting Program 529 Savings Plan Fidelity Saving for
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Saving for College: Best 529 Plans for 2023

What is a 529 Plan?

A 529 plan is a tax-advantaged savings plan designed to help families save for college. 529 plans are sponsored by states and operated by professional financial institutions. They are named after Section 529 of the Internal Revenue Code, which created the plans in 1996.

Benefits of 529 Plans

One of the main benefits of 529 plans is that they can help you save money on taxes. 529 plans offer a number of tax advantages, including federal and state tax deductions, as well as tax-free growth of your investments. This means that your money grows tax-free and can be used for qualified educational expenses, such as tuition, books, fees, and more. Additionally, some states offer additional tax incentives for investing in their 529 plans.

Best 529 Plans for 2023

California: ScholarShare 529

ScholarShare 529 is California's official 529 college savings plan. It provides a range of investment options and is managed by TIAA-CREF Tuition Financing, Inc. The plan is designed to help families save for college in a tax-advantaged way. It also offers a variety of state tax incentives, including a tax deduction of up to $2,000 per year for contributions to the plan.

New York: NY's 529 Plan

NY's 529 Plan is New York's official 529 college savings plan. It is a tax-advantaged savings plan designed to help families save for college. It offers a variety of investment choices and is managed by the New York State Office of the Comptroller. The plan also offers state tax incentives, including a tax deduction of up to $10,000 per year for contributions to the plan.

Vermont: Vermont Higher Education Investment Plan (VHEIP)

The Vermont Higher Education Investment Plan (VHEIP) is Vermont's official 529 college savings plan. It is a tax-advantaged savings plan designed to help families save for college. It offers a variety of investment choices and is managed by the Vermont Student Assistance Corporation. The plan also offers state tax incentives, including a tax deduction of up to $3,000 per year for contributions to the plan.


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