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Should I Save For My Kids College?
have saved for college, a money market or certificate of deposit may be where you should consider placing those funds. As part of my kids college savings, what is a 529 College Savings Plan? This type of plan allows you to save for your child's college education on a tax deferred basis. The contributions made to the plan grow until your child takes money from the plan when he or she begins college. As your child takes money from the plan to pay tuition, you pay taxes on the contributions made to the college plan based on your child's tax rate which is usually lower.For my kids college savings plan, are there any tax credits available to help pay for my child's education? Yes. The Hope and Lifetime Learning Credits. These tax credits provide a dollar for dollar reduction in the amount of federal income taxes you may owe