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Set up 529 plan for own college funding

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in Small Business Tax

Q: I liked your recent story on Section 529 college savings plans. (See 11/17/03 issue.) It made me wonder: I'm thinking about going to law school in a few years. Can I set up a Section 529 plan for myself? S.M.R., via e-mail

A: Yes. The person funding a Section 529 plan can also be the beneficiary of the plan. You can use this tax-saving vehicle for either college or graduate school. The main tax attraction is that your account earnings grow tax-free, and you can withdraw the money tax-free to pay for tuition and other qualified expenses.

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