Which of the following is TRUE about a 529 savings plan?

A. It "locks in" a set tuition price when the account is opened.
B. The investment is guaranteed by the state where it is opened.
C. It covers tuition, fees, and other educational expenses.
D. It can only be used at the postsecondary educational level.

Question

11-08-2024
Business

Answered

Which of the following is TRUE about a 529 savings plan?

A. It "locks in" a set tuition price when the account is opened.
B. The investment is guaranteed by the state where it is opened.
C. It covers tuition, fees, and other educational expenses.
D. It can only be used at the postsecondary educational level.

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-08-11T21:27:45-04:00

Final answer:

A 529 savings plan is a tax-advantaged investment plan for educational costs that doesn't lock in tuition prices, covers different expenses, and can be used at various educational levels.

Explanation:

529 savings plan is a tax-advantaged investment plan designed to encourage saving for future educational costs. It does not lock in a set tuition price or guarantee investments. It covers various educational expenses beyond just tuition and can be used at both postsecondary and K-12 educational levels.

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