Now the G.I. Bill is forever
Education as a small-business fringe benefit
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Factoid : Higher education
Measured by market share, total accounts, and assets under management (over $66 billion), Virginia529 is the largest 529 plan in the nation.
Did you know ?
The Servicemen’s Readjustment Act of 1944 (G.I. Bill) paid almost $4 billion to nearly 9 million veterans from 1944–1949 in unemployment compensation. The education and training provisions existed until 1956, and the Veterans’ Administration offered insured loans until 1962. The Readjustment Benefits Act of 1966 extended these benefits to all veterans of the armed forces, including those who served during peacetime.
Source: History.com
Article : How the new tax law affects 529 plans
For many years, 529 college savings plans have offered a tax-favored way to save for higher education. These plans, officially qualified tuition programs, are named for the IRC section that provides their advantages.
In brief, 529 plans are funded with after-tax dollars. In college savings plans, account owners choose from a menu of investments, and any earnings are untaxed. Distributions are also tax-free if they do not exceed the qualifying educational expenses of the account beneficiary: payments of tuition, fees, supplies, and certain housing expenses for the account beneficiary’s study at an eligible educational institution. Before 2018, eligible educational institutions included only post-secondary institutions.
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