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LOS ANGELES, March 9- President Obama' s aborted attempt to tax 529 plans may end up being a boon to the state-run college savings plans. Assets in 529 plans have grown steadily since the IRS formulated rules for them in 1996, and got a big boost five years later when Congress made distributions from the plans tax-free if used for qualified higher education...
President Obama has dropped his controversial proposal to tax 529 plans, but as CNBC's Sharon Epperson reports, the ability to withdraw tax-fee funds for higher education isn't the only reason these plans are an attractive vehicle for millions of families to save for college.
CNBC's John Harwood explains the Administration's idea for taxing 529 plans and discusses why tax reform is going to be so difficult.
Many say 529 savings plans are the best way to save for college, but interest in them is cooling.
As much as you may want to help out a friend or family member in need, there are several rules you should follow before you hand over any cash.