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529 Plans vs. Roth IRA

Sacks and AssociatesTax Planning529 Plans vs. Roth IRA

529 Plans vs. Roth IRA

Which is best for college savings?

According to Lloyd Sacks, a Certified Financial Planner and managing director of the private client group at Sacks & Associates, contributing to a 529 plan has some benefits when it comes to your taxes. “Some states allow a deduction for contributions made to in-state 529 plans,” he said.

That deduction can help reduce your taxable income, potentially leading to a smaller tax bill. Roth IRAs don’t offer the same benefit. However, withdrawals from Roth IRAs contributions are free from income taxes.

Read the full article on magnifymoney.com »

Sacks & Associates is a wealth management firm catering to individuals, families and small businesses specializing in personalized investment strategies and sustainable retirement planning. We partner closely with our clients to help set individualized long-term financial goals and growth strategies.


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