Nearly 12 Million Sec. 529 Plans
Each year the College Savings Plans Network publishes a report on Sec. 529 plans. The National Association of State Treasurers created the network to monitor these plans.
All states maintain a tax-advantaged Sec. 529 plan. Cash amounts up to five annual exclusions may be contributed to an account in one year. The funds grow tax-free and may be distributed tax-free to students for appropriate educational expenses. The account beneficiary is usually a child or a grandchild of the donor.
In September 2014, the “Mid-year Review of 529 Plan Activity” was published. It is a good picture of the current use of Sec. 529 plans to fund future education needs for children and grandchildren.