Anyone may contribute to a 529 Plan account. Unlike an Educational IRA*, anyone may open a 529 account regardless of his or her income or net worth.
*Educational IRA's are limited to tax payers with modified adjusted gross incomes under $110,000 for individual filers, and **$220,000 for joint filers.
Even if you do qualify for an Educational IRA, you may only contribute $2000 per year per beneficiary. Given the rising cost of a college education, this is not a very large sum of money.
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