529 College Savings Plan

Business / Taxes / 529 College Savings Plan: Each 529 college savings plan is sponsored by a particular state or group of states, and while each plan is a little different, they share many basic elements. When you invest in a 529 savings plan, any earnings in your account accumulate tax free, and you can make federally tax-free withdrawals to pay for qualified educational expenses, such as college tuition, room and board, and books at any accredited college, university, vocational, or technical program in the United States and a number of institutions overseas. Some states also exempt earnings from state income tax, and may offer additional advantages to state residents, such as tax deductions for contributions. You must name a beneficiary when you open a 529 savings plan account, but you may change beneficiaries if you wish, as long as the new beneficiary is a member of the same extended family as the original beneficiary. In most cases, you may choose any state’s plan, even if neither you nor your beneficiary live in that state. There are no income limits restricting who can contribute to a plan, and the lifetime contributions are more than $300,000 in some states. You can make a one-time contribution of $60,000 without incurring potential gift tax, provided you don’t make another contribution for five years. Or, you may prefer to add smaller amounts, up to the annual gift exclusion.

Other Words for Plan

Plan Noun Synonyms: design, layout, blueprint, scheme, method, procedure, system, arrangement, programme, project, formula, pattern, script, scenario
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Other Words for Savings

Savings Adjective Synonyms: resources, reserve, cache, hoard, nest egg
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Plant Quarantine

Business / Agriculture / Plant Quarantine: A technique for insuring disease (and pest) free plants by isolating them during a period while performing tests for latent diseases. Often used when importing new cultivars. MORE

Plant Hardiness Zones

Business / Agriculture / Plant Hardiness Zones: The USDA has divided North America into 11 hardiness zones based on average annual minimum temperatures. Horticulturalists and nurseries rate plants by their hardiness: the hardiness zone maps can the MORE

Plant

Business / Finance / Plant: The assets of a business including land, buildings, machinery, and all equipment permanently employed. MORE

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