|Question: Can my spouse and I open a joint 529 account for our child?|
No. A 529 account--whether a college savings plan or a prepaid tuition plan--can only be established by one person. That person is legally referred to as the participant, though the commonly used term is the account owner. In some states, the 529 plan can only accept contributions from the participant. And under federal law, only the participant can give instructions to the plan to distribute money for college expenses or for any other reason. Although you and your spouse can't open a joint account, each of you can open an account for the same child. Then each of you would be a participant in the 529 plan.
Note: Investors should consider the investment objectives, risks, charges, and expenses associated with 529 plans before investing. More information about 529 plans is available in each issuer's official statement, which should be read carefully before investing. Also, before investing, consider whether your state offers a 529 plan that provides residents with favorable state tax benefits.