Which is a tax-free savings account that can only used for educational expenses.
Answer:
The tax-free savings account that can only be used for educational expenses is known as a 529 plan.
Explanation:
This type of plan is designed to help families save money for education expenses such as tuition, fees, books, and room and board. 529 plans are offered by many states and can be used at any eligible institution nationwide. Everfi is a financial education platform that offers courses on various financial topics, including 529 plans and other education savings options.
It seems like you’re asking about a tax-free savings account for educational expenses. The 529 Plan is a tax-advantaged savings account designed specifically for education-related expenses. It can be used for qualified educational expenses such as tuition, fees, textbooks, and even room and board in some cases. These plans are sponsored by state governments and can offer significant tax benefits, allowing your investments to grow tax-free as long as the funds are used for qualified educational expenses.
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