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Tom Meaglia, ChFC®, AEP®, CLU®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

September/October 2021

Make the Most of a 529 Plan

Make the Most of a 529 Plan

A 529 plan* is a tax-advantaged savings plan that enables parents and others to save for a child’s future education costs. Section 529 plans, also called “qualified tuition plans,” are sponsored by states, state agencies or educational institutions. All fifty states and the District of Columbia sponsor at least one type of plan.


Choosing a 529 Plan
Education Savings Plans help you to save for a child’s future qualified higher education expenses including tuition, mandatory fees, room and board, books, equipment and other expenses. Withdrawals from education savings plan accounts can generally be used at any college or university.


Prepaid Tuition Plans let savers purchase units or credits at participating colleges and universities (usually public and in-state) at the school’s current prices to pay future tuition and mandatory fees.


Contributions to a 529 plan are made with after-tax dollars. However, earnings in a 529 account are not subject to federal income tax and, in many cases, state income tax, if withdrawals are used to pay qualified higher education expenses.


Tips and Guidelines
Compare several different 529 plans before you choose one. Review the fees and expenses of the plan you’re considering because they can lower your returns. Set up direct payments from the plan to the school to avoid withdrawing too much.


*Certain requirements may apply. Before investing, conssider the investment objectives, risks, charges and expenses associated with 529 plans. Read the program offering statement before investing. 529 Plans are not guaranteed by any state or federal agency. Consider whether the investor's or beneficiary's home state offers any state or other benefits available only from that state's 529 Plan. Discuss 529 tax rules with your tax professional.


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Investment advisory services are offered through Fusion Capital Management, an SEC Registered Investment Advisor. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. SEC registration is not an endorsement of the firm by the commission and does not mean that the advisor has attained a specific level of skill or ability. All investment strategies have the potential for profit or loss.
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