529 plans (also known as a "qualified tuition program") were created as a means of allowing taxpayers to save for higher education expenses for a designated beneficiary.
The 529 Plan is an excellent way to save for education expenses. Anyone can establish and contribute to a 529 plan on behalf of a designated beneficiary. This means that relatives, family, friends and even the designated beneficiary can establish the 529 plan for him- or herself. Earnings accumulate on a tax-deferred basis and distributions that are used for qualified education expenses are tax and penalty-free. The 529 plan may be set up in a way that allows individuals to prepay a student's qualified higher-education expenses at an eligible educational institution.
Fee: We will take donations in a sliding scale which will go towards Berkeley Turkish School.