California's 529 college savings plan has grown despite COVID-19 - Business Insider

The number of new account openings was up 24% between May 2019 and May 2020, while total account contributions rose 17%. ScholarShare currently has nearly $10 billion in plan assets and an average account balance of about $30,000.

State-sponsored 529s are a valuable tool for college planning, in part because they don't shut out high earners, annual contribution limits are high, and the money grows completely tax-free and can be withdrawn tax-free at any point if it's used for qualified expenses, includingand fees. They also allow anyone to make cash gifts to the account, not just the owners.

Each state runs one or more of their own 529 plans, and investors are allowed to choose which they prefer. Plus, more than 30 statesAnyone with a Social Security number or Taxpayer Identification Number can open a ScholarShare 529 account, whether they live in California or not. About 88% of accountholders are in-state residents.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Missouri governor says kids must go back to school despite COVID-19 - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Tough luck to their teachers, parents & grandparents. This is why people distrust the media. Kids get sick every year and 'get over it'. That isn't controversial. No evidence this corona is more deadly than other diseases kids get at schools every year. No hard evidence they are a major spreader of this corona. hi Mom, look what I brought you
Source: BusinessInsider - 🏆 729. / 51 Read more »

Chris Wallace challenges Trump on COVID-19 mortality rates - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Innovation' I love it! He was handed the data! Its all about the spin from the media.. Its all right here propagandaMedia who went in to do the test for you?
Source: BusinessInsider - 🏆 729. / 51 Read more »