| Tax Topic #313 |
2008 Tax Year |
Topic 313 - Qualified Tuition Programs (QTPs)
A Qualified Tuition Program (QTP) also called "529 plan", formerly called
a Qualified State Tuition Program (QSTP), is established and maintained to
allow either prepaying, or contributing to an account established for paying
a student's qualified higher education expenses at an eligible educational
institution. States and eligible educational institutions can establish and
maintain QTP(s).
An eligible educational institution is generally any college, university,
vocational school, or other postsecondary educational institution eligible
to participate in a student aid program administered by the Department of
Education.
Contributions to QTP — Contributions to a QTP
on behalf of any beneficiary cannot be more than the amount necessary to provide
for the qualified higher education expenses of the beneficiary. Contributions
made to a QTP are not deductible on your Federal tax return.
For additional information, refer to Chapter 8 of Publication 970, Tax
Benefits for Education .
Page Last Reviewed or Updated: December 22, 2008
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