Education account
Terry, my wife and I are looking to open a 529 account for our children’s education. We would like an account that allows us to use funds for private high school and College. Is there such a plan available in this State? If so, which one?
Terry Says
If you live in Illinois, you want to open your account in BrightStart.com, where you also get a small deduction against your state income taxes for your contribution. If you live in another state, go to www.SavingforCollege.com and see how your state’s plan is rated, and whether you get a tax benefit. (Illinois has a top-rated plan.)
The money grows tax free and can be used for approved college expenses (tuition, room and board, and books and some fees) for any college in any state.
