Education fund
we both retired. we want to help our grand children for their education which way is the best way.
can we get any tax deduction.
Terry Says
Read this column about 529 college savings plans, where all the money grows tax-free for college expenses: https://www.terrysavage.com/529-plans-even-better-now-2/
Some states (including Illinois) give a state tax deduction for contributions to such a plan. To learn more about your state’s plan go to www.SavingforCollege.com.
But there is no federal tax deduction for these contributions.
