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Samples in periodicals archive:
Qualified Tuition Program (QTP or 529 Plan) Formerly known as the Qualified State Tuition Program (QSTP) and commonly referred to by the Internal Revenue Code section that brought it to life (Section 529), the QTP is a government program that allows you to either prepay a student's tuition or contribute to an account established to pay a student's higher education costs.
Qualified State Tuition Programs Qualified State Tuition Programs are state-sponsored programs available to individuals for funding future higher education costs.
QUALIFIED STATE TUITION PROGRAMS Congress redesignated these programs under IRC section 529 as qualified tuition programs (QTP) in order to include educational institutions (including private schools) as eligible sponsors of private prepaid tuition type plans but not savings type plans.
Lastly (and perhaps most importantly), donors may now contribute to Education IRAs while contributing to a qualified state tuition program for the same beneficiary in the same year.
Use Coverdell Education Savings Accounts and qualified state tuition programs to save income and estate taxes as the market recovers.
Coordination with Qualified Tuition Programs: The new law repeals the excise tax on contributions to an education IRA during any tax year in which contributions are made to a qualified state tuition program for the same beneficiary.
When a program is classified as a qualified state tuition program under this section, any federal tax liability is deferred until the account is used.
The Waddell & Reed InvestEd Plan was established under the Arizona Family College Savings Program, which was created by the state of Arizona as a qualified state tuition program in accordance with Section 529 of the Internal Revenue Code.