529 Plan

A 529 Plan is a great way to put aside funds for your kids' college expenses for tuition, fees, books, supplies, and equipment. You don't get a tax deduction for contributions but the accounts grow tax free. You can also now use up to $10,000 per year from the 529 plan for kindergarten through 12th grade tuition per student. Contributions are not limited by taxpayer income and are considered gifts to your children. Georgia gives you a tax deduction for up to $4,000 per year per beneficiary for joint income tax returns if you invest in the Georgia Path2college 529 plan.