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Learning about a savings account for higher education expenses on Coast Live

Posted at 5:18 PM, May 18, 2021

HAMPTON ROADS, Va. - A 529 plan is a tax-advantaged savings account for higher education expenses. Earnings in 529 accounts grow free from state and federal taxes and are never taxed when used for qualified higher education expenses. Plus, Virginia residents may deduct contributions to 529 accounts – up to $4,000 per account per year from their Virginia state individual income taxes. Scott Ridgely joins us to explain how parents and students can get involved and benefit from this plan!

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