human
What is the best way to save for my childs college tuition without incurring any significant tax liabilities?
assistant
The best way to save for your child's college tuition without incurring any significant tax liabilities would be to contribute to a 529 plan. A 529 plan is a tax-advantaged savings plan that allows you to save for college expenses such as tuition, room and board, computers, and other related expenses. The funds you contribute to the 529 plan are tax-deferred and the earnings on the funds are tax-free, so that all of the investment earnings are available to pay for college expenses. Furthermore, many states offer tax deductibility for contributions to 529 plans.