Fredericksburg Parent

August 2013

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Page 27 of 47

FAMILY MONEY College Saving Made Simple (and Tax-free!) BY NIKKI DUCAS W hat steps are you taking to prepare for making your children's higher education a reality rather than a grave undertaking? As a parent, the very thought of how my son will pay for higher education has kept me up at night. When our son was just 2 years old, my husband did some research and then set up a Virginia College Savings Plan — or VA529 — to help prepare our family for the extreme increases in tuition costs at public, four-year institutions. The VA529 will at least give our son the monetary support for higher education in an affordable manner and give us peace of mind. We started our son's VA529 with $2,000, and each month we purposefully set aside a few hundred dollars to add to the plan. As Virginia taxpayers, we are able to deduct up to $4,000 per year, and this holds true for each account, if needed, with an unlimited carry-forward. And as an added bonus, these earnings grow free from federal tax. continued on pg 28 28 Fredericksburg Parent and Family • August 2013

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