Welcome back to another edition of Women and Wealth! This week, Regina is coming at you with lots of tips for parents using the 529 plan to pay for college – as well as how you (actually) use the 529 to pay for college.

Additionally, Regina shares her own experience using the 529, how she’s deployed it and what she’s learned along the way.

With tuition bills just around the corner, this episode is a necessary refresher to make sure that your 529 (and your plan) is primed for success.

Episode Highlights:

0:00 - Introduction

0:32 - Episode beginning, 529 plans

2:25 - 529 plan earnings, how are they invested?

5:09 - How account owners have control

9:01 - 529 plans owned by grandparents

11:07 - Withdrawals are free from federal taxes IF..

13:05 - What is a non-qualified withdrawal?

14:40 - How do we pay using the 529?

19:32 - IRS Form 1099-Q
23:25 - Call to Action

ABOUT REGINA MCCANN HESS

Regina is the author of Super Woman Wealth: How to Become Your Own Financial Hero. As an advocate for women’s financial freedom, she wrote this book to help empower women to take a bigger role in handling their money.

Regina has appeared on Schwab TV, Yahoo Finance, Forbes.com, NTD Television, CBS 3 Philadelphia, Fox 29 Philadelphia, King 5 Seattle, KTLA 5 Los Angeles and Scripps News. She has also been quoted in numerous articles in publications such as Forbes, Business Insider, U.S. News & World Report, Yahoo Finance, USA Today, USA Wire, Word in Black, WTOP News, Mind Body Green, Money Digest, New York Post, Defender, Authority Magazine, GoBankingRates.com, Scripps and The Muse.

As Founder of Forge Wealth Management, Regina utilizes her 25+ years of financial services experience to help individuals plan, preserve and diversify their wealth. She focuses on educating her clients while building long-term relationships with them and their families. Her experience throughout major shifts in the markets, enables Regina to structure balanced portfolios to address specific financial goals.

CONNECT WITH REGINA

Website: https://www.forgewealth.com

LinkedIn: https://www.linkedin.com/in/reginamccannhess/

Facebook: https://www.facebook.com/ForgeWealth

Instagram: https://www.instagram.com/forgewealthmanagement/

YouTube: https://www.youtube.com/@ForgeWealth

Email: reginahess@forgewealth.com

Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Non-qualified withdrawals may result in federal income tax and a 10% federal tax penalty on earnings. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.