529 Plan

Section 529 of the Internal Revenue Code allows taxpayers to establish accounts on behalf of a designated beneficiary (e.g., child, grandchild, spouse, niece, nephew, friend, or even himself or herself). Currently, earnings and qualified distributions from 529 Plans are tax free at both the state and federal level. Qualified distributions may be applied toward fees and required books/supplies for all courses, certificate candidacies, colloquia, independent studies, and internships offered through UCLA Extension. California’s Golden State ScholarShare is one of the most competitive IRS 529 Savings Plans.