A 529 plan is an account in which you can save for educational expenses. There are two types of plans. The first is a pre-paid tuition plan which is typically sponsored by a university. The second type of plan is an investment savings plan, typically sponsored by a state or state agency. The second type of plan is the more common one. Income Tax Benefits: 529 accounts are specialized accounts with a great tax benefit. Income earned in the account is not taxed currently. If the money is used … [Read more...] about What’s a 529 Plan and What Are the Benefits to Using One?