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Copy of book.gif (2209 bytes)  Chapter 3 - QSTP Overview

At last count, 33 states had college tuition programs in place, while another 8 states have enacted legislation authorizing the implementation of a program but had not yet begun accepting contributions. These programs generally fall into one of two categories, prepaid tuition plans and savings-type plans.

It is of critical importance that a state’s college tuition program meet the requirements of section 529 of the Internal Revenue Code defining a "qualified State tuition program" or QSTP. QSTPs are sometimes referred to as Section 529 plans. Even those states with programs that pre-date section 529 (enacted in 1996) are making changes to their programs necessary to comply with the requirements of the new tax law.

In this chapter, the provisions of section 529 are described, including the tax benefits made available to the taxpayer, the tax rules for withdrawals, and the various qualification requirements.

 

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