A 529 plan is a tax-advantaged savings plan designed to help pay for education. Originally designed to pay post-secondary education costs, it was expanded to also cover K-12 education under the Tax Cuts and Jobs Act. There are two major types, prepaid tuition plans and savings plans. Prepaid tuition plans allow the plan holder to pay in advance for the beneficiary’s tuition and fees at designated institutions. Savings plans are tax-advantaged investment vehicles, similar to IRAs— Read more at Investopedia. Kagan, Julia. “529 Plan.” 15 July 2019.