Much like a 401k or a Traditional IRA, earnings on your investments grow free of federal income tax until the funds are withdrawn. But, unlike a 401k or a Traditional IRA, earnings from a 529 plan are Federally tax-free when distributions are made for qualified higher education expenses.
Qualified higher education expenses include tuition, room, board, books, and required supplies at almost any accredited postsecondary school*.
*Institutions must be eligible to participate in federal financial aid programs.
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