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A qualified tuition plan (QTP) is a personal savings account. You use it to pay for a student's qualified education expenses. The student must go to an eligible educational institution. Distributions from the account are tax-free if you use the money for qualified expenses like room and board.
A state or an agency of the state usually establishes QTPs, and most states now offer them. Also, most plans are open to residents of any state. A private educational institution can also establish a QTP. However, you can only use the money to prepay qualified education expenses. An eligible educational institution is:
Contact your state government or the educational institution to find out if they participate in a QTP.
To learn more, see these at www.irs.gov: