? Question Select all the correct answers.
Which two types of accounts offer tax benefits before saving?
529 account
basic savings account
certificate of deposit
401K account

Explanation:

A 529 plan is a savings account designed to help meet the costs of education. Initially, the 529 plans were meant to cater to college education only. Amendments were made to cater to lower grades too. 529 plans are tax-advantaged. The funds deposited in the savings account are exempted from tax. The gains made through savings are also exempted. Withdrawals at maturity are not subject to tax if used for educational purposes.

A 401(k) plan is a savings retirement scheme for employed workers. It is a company-sponsored saving plan because both the employers and employees contribute to the scheme. The funds saved in the 401 plan as are exempted from taxation.

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