The 529 Plan, a college savings plan named after the section of the IRS code that created it, is a state-sponsored investment program used to save and invest for qualified education expenses.

The IRS, as well as most states, offer favorable tax rules and incentives to make it easier to save. Luckily for Kansas Citians on both sides of the state line, Missouri and Kansas each offer a tax deduction for contributions to 529 accounts, but the rules are a little different depending on where you live.