Important News: Federal legislation signed by President Trump includes changes to Section 529 college savings plans
The tax plan signed into law on December 22, 2017 by President Trump includes provisions related to 529 college savings plans. Language in the bill includes the expansion of qualified education expenses in Section 529 of the Internal Revenue Code to include expenses for K-12 as well as other provisions.
Details associated with this new legislation are currently being reviewed and will be posted as soon as they are available.
Give the gift of education
AARP® College Savings Solutions from TIAA provides information and education to help you learn about saving for college and 529 plans - so you can give your loved ones the gift of education.
The price of tuition, housing, books, and other expenses add up fast - and younger generations are graduating with thousands in debt. With some extra help - and smart planning - families are working to ensure that a college education doesn’t have to mean decades of student loan payments.
529 college savings plans are a great way for families to come together to help give the gift of a college education.
Download Information Kit from TIAA Request Information Kit from TIAA by Mail
Benefits of a 529 Plan
- Opportunity for savings to grow tax-free
- Pick any plan, no matter where you live*
- Pay for tuition, books, or other qualified educational expenses
Ready to enroll
Questions?
Call TIAA at 866-717-9452
TIAA. Who We Are. What We Do
We’re TIAA, a full-service financial services company with $938 billion in combined assets under management (as of March 31, 2017).
That’s not all. We’re a leading manager of retirement plans, committed to the financial well-being of all our customers since 1918. With today’s economic climate, people and institutions are looking for a trusted firm they can rely on for a unique combination of advantages. At TIAA, we make you feel good about your financial well-being. For almost 100 years, we’ve been listening to you, advising you, and helping you feel confident about making financial decisions for now and for the future.
TIAA-CREF Tuition Financing, Inc. (TFI) is a leading provider of services to state 529 college savings plans and currently acts as Plan Manager for 9 college savings plans across the country. TFI is an indirect wholly owned subsidiary of TIAA.
College costs are rising. TIAA managed college savings plans can help families prepare for college. We’re a leader in helping the academic, medical, cultural, governmental and research fields plan for retirement and life’s other goals.
TIAA-CREF Individual & Institutional Services, LLC, member FINRA is distributor and underwriter for the plans managed by TIAA-CREF Tuition Financing, Inc.
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Saving for college with a tax-advantaged 529 plan
Tax advantages
The biggest benefit of 529 plan accounts is that they can provide sizable tax advantages. At the federal level, your contributions can grow tax free. When you withdraw the money to pay for your child’s or loved one’s qualified college expenses, you pay no taxes on any earnings. There are no tax forms to bother with until you start making withdrawals.
The same is true at the state level: 529 plan accounts incur no state taxes while the account balance grows or when you make qualified withdrawals. A number of states also let you deduct your annual contribution against your income, potentially lowering your state tax bill. Every state plan is different, so be sure to evaluate the benefits of the plan in your state. You can purchase a 529 savings plan from any state and use it in any state.
