529 savings plans are state-sponsored education savings accounts that offer tax-advantaged growth. Key features include:
* Contributions are not federally tax deductible (some states offer state-level deductions).
* No income limitations for contributions.
* The account owner, not the beneficiary, controls the plan.
* Assets can be transferred tax-free to another family member's 529 plan.
* D is correctbecause tax-free rollovers are allowed for family members of the current beneficiary.
* Ais incorrect as contributions are not universally tax deductible.
* Bis incorrect as there are no income limitations for contributing.
* Cis incorrect because the account owner, not the beneficiary, controls the assets.