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Web1 Nov 2024 · What is a 529? These accounts are named for Section 529 of the federal tax code. They are state- or educational institution-sponsored, tax-advantaged savings accounts for qualified educational expenses, such as tuition. ... To save for both goals simultaneously, you may want to open two separate accounts or split your 529 into two pots of money ... Web12 Apr 2024 · If you have money left over in a 529 plan—for instance, if the beneficiary gets a substantial scholarship or decides not to go to college at all—you'll have several options. … Web7 Mar 2024 · Since your 529 contributions are treated as gifts from you to the account beneficiary, your $15,000 (in 2024) annual gift exclusion will go twice as far with two … buy body shop tea tree face wash