I'll send you a text get best results viagra Whether a parent should set up a 529 plan account or an Uniform Gifts to Minors Act or Uniform Transfers to Minors Act account depends on whether or not the funds will be used for qualified education expenses. If parents saved in a 529 plan, they could be taxed on the portion of earnings not used for qualified education expenses, such as tuition and textbooks, and pay a 10 percent penalty on the unqualified education expenses withdrawal, Francis says.