Saving for a child’s college education used to be considerably easier and more economical. There were also fewer tax incentives to contend with. The tax code has developed over time, resulting in a bewildering array of tax-advantaged college savings accounts, tax credits, and other tax incentives available to families trying to pay for their child’s college education. We’ll look at the tax implications of several college savings schemes in this article. Important Points to Remember Every college savings plan has its own set of limitations, which are determined by the parents’ income level. Through a 529 Plan or a Coverdell Education Savings Account, parents can invest in bond programs or mutual funds.The Lifetime Learning Benefit is a tax credit that