Virginia Reps. Abigail Spanberger and Rob Wittman are leading a bipartisan effort to diversify how college savings accounts can be used.
The Freedom to Invest in Tomorrow’s Workforce Act would increase the number of eligible expenses for 529 savings accounts. Like Roth IRAs, 529 plans are investment accounts allowing individuals to use their after-tax contributions to pay for educational expenses. The earnings from the plans generally aren’t subject to federal or state income tax when used for qualified expenses.
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