All of the following statements concerning educational fund, Ask an Expert

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All of the following statements concerning educational fund 529 Savings Plans are correct EXCEPT:

Contributions are recognized on a five year pro rata basis.

Earnings grow on a tax deferred basis, unless used for qualified education expenses, and then distributions are tax free.

The primary benefit of a 529 Savings plan is the state income tax deduction for contributions.

Earnings are included in gross income and a 10% penalty is assessed if distributions are not used for qualified education expenses.

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Financial Management, Finance

Category:- Financial Management
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