This is the fifth part of our multi-part series of blogs on tax benefits for education. Any present or former student should utilize the knowledge, experience and expertise of the tax professionals at the Thorgood Law Firm to ensure that they take advantage of all the credits and deductions that the law allows for students of higher education.

Savings Plans

Qualified Tuition Programs (529 plans)

A Qualified Tuition Plan (QTP), also called a 529 Plan, is a program established to allow prospective students to either prepay or contribute to an account established for paying a student’s qualified education expenses at a post secondary institution. States and eligible educational institutions are entities that may establish and maintain programs that allow a student taxpayer to prepay these qualified education expenses.