Using a 529 Plan can make it easier to save for the future with benefits designed to help you reach your unique savings goals. 529 Plans are accounts specifically designed to help you save for education expenses in a tax-advantaged way. Anyone who wants to save for a child’s education can open a 529 plan account.
how the plan works
You create and control an account on behalf of your beneficiary, or future student.
You make contributions to your account using after-tax dollars.
If the money stays in the account, no income taxes will be due on earnings.
When you take money out to pay for qualified education expenses, those withdrawals may be federal income tax-free—and, in many cases, free of state tax, too.
You can use your balance for expenses like:
Tuition
Fees
Books
Supplies
A 529 plan can also be used tax-free to cover certain tuition expenses at K–12 public, private and religious schools.
College Savings Enrollment Guide
WellSpan participates with plans to set up payroll deductions. Find information on 529 plans and how to participate on the Human Resources page on INET, by clicking on Money Matters of your Total Rewards.