Fund a Section 529 plan for yourself

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in Small Business Tax

Q. I’m thinking of going back to school. Can I set up a Section 529 plan for myself? Anonymous

A. Yes. An individual who funds a Section 529 plan for higher education can also be the beneficiary of the plan. This tax-saving vehicle may be used for either college or grad school. Contributions to your account aren’t deductible, but account earnings and qualified distributions are tax-free.

Tip: If you have unused funds in your account, you may roll over the amount tax-free to a Section 529 plan for another beneficiary, such as your child.

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