can each parent open a 529 plan

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  • Should I open a 529 plan for each child?

  • 529 plans offer tax-deferred investment growth and tax-free withdrawals when you use the funds to pay for qualified education expenses. Parents might wonder: should I open a 529 for each child or use the same one for multiple children.

  • Can the same child be the beneficiary of multiple 529 plan accounts?

  • The short answer is yes 鈥?the same child can be the beneficiary of multiple 529 plan accounts. If several people 鈥?parents and two sets of grandparents, for instance 鈥?want to help fund a child’s education, they can either contribute to a single 529 account or set up separate plan accounts.

  • What does it mean to have a 529 account?

  • It refers to account in a 529 plan funded with money already owned by your minor child.

  • Do you have to contribute the same amount to every 529?

  • But, some 529 plans have minimum contribution requirements to use their automatic contribution plans. A family with more than one 529 plan would have to commit to contributing the minimum amount to each plan every month. Conclusion: Does Each Child Need Their Own 529?

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