See what regular 529 contributions can grow to, tax-free for education.
A 529 plan calculator projects how college savings in a 529 account can grow, tax-free for qualified education expenses, from your current balance and monthly contributions.
A 529 plan grows tax-free, and withdrawals for qualified education expenses, tuition, fees, room and board, and more, are tax-free too. Many states also offer a tax deduction or credit for contributions. That tax-free growth compounds over the years before college into a meaningfully larger balance than a taxable account would produce.
529 funds can be used at most colleges and, within limits, for K-12 tuition, apprenticeships, and some student-loan repayment; unused funds can be moved to another beneficiary. But earnings withdrawn for non-qualified purposes face income tax plus a 10% penalty. Because the timeline is fixed, many plans offer age-based portfolios that automatically grow more conservative as college nears.
A tax-advantaged college savings account. It grows tax-free and withdrawals for qualified education expenses are tax-free; many states add a deduction or credit.
You can change the beneficiary, or withdraw the money, but earnings taken for non-qualified purposes face income tax and a 10% penalty.
Qualified education expenses: tuition, fees, room and board, books, and, within limits, K-12 tuition, apprenticeships, and some student loans.
See the exact formula and a worked example on our methodology page.