Project how education-savings contributions grow toward tuition goals in District of Columbia.
Projection of education savings: contributions grow at the assumed return, and qualified distributions are tax-free. Many states add an income-tax deduction for contributions.
FV
FV = contributions compounded monthly
Projection only.
No federal tax on qualified distributions; non-qualified withdrawals are taxed and penalized.
Rates are approximate reference values. Local rates, exemptions and rules can differ, so treat the output as a planning figure only.