The 529 Accounts screen allows you to set up tax-advantaged savings plans to cover qualified educational expenses
- Instead of entering annual contributions, you should enter future annual qualified withdrawals and the contributions to fund these withdrawals is calculated for you and shown in the 529 report.
- If you do not enter qualified withdrawals, the 529 account balance will be withdrawn in the first year.
- Contributions that are calculated to fund the 529 will be completed before the first year in the (typical) four-year withdrawal sequence, so that no contributions are added during the withdrawal phase.
- Multiple 529 accounts can be created.