529 accounts are typically used to pay for higher education, but did you know that some coding bootcamps are considered “qualified educational expenses”? Find out more about this tax-advantaged savings account and learn which 5 bootcamps actually qualify.
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Named after the Section 529 federal tax code, 529 plans are tax-free college savings plans. The amount in your 529 account will vary based on the performance of the chosen investments.
According to Eryn Schultz, financial educator and founder of Her Personal Finance, "529s are a savings account designed for K-12 and higher education. They can save you money on your state income tax. Plus, money that grows in a 529 is tax-free, like a Roth IRA.”
As financial educator Eryn Shultz explains: “529s are most commonly associated with higher education, but that means more than just 4-year college. Funds in a 529 can be used to pay for vocational trading and that includes coding bootcamps. If the coding bootcamp is offered by an organization that is eligible for Title IV federal student aid, a 529 can be used to pay for the bootcamp."
No! You can use withdrawals from your 529 account for most anything education related, including:
To open a 529 account, you’ll actually go through a state. All states but Wyoming have a college savings 529 plan and some states have added tax benefits. Some states have a required minimum contribution, but that is not common. There are also eight states that offer prepaid 529 plans, which means you’re electing to prepay tuition at the current rates: Florida, Maryland, Massachusetts, Michigan, Mississippi, Nevada, Texas, and Washington.
Thanks to Eryn Shultz for weighing in about 529 accounts – Schultz teaches a broader coarse on 529s and how to use them to pay for higher education and K-12 here. Are you trying to find the right coding bootcamp for you? Let us match you with highly-rated schools that fit your needs!
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