Spinoff to a question on Parenting--money related

I am just wondering what a 529 is. I am money-clueless and a few people talked about putting thier child's money from christening, birthday, gifts etc. into a 529.

How do you go about doing this?
Is there a minimum amount of money you have to have in order to start something like this?

TIA! I thought it would get more answers over here since it isn't really a parenting question.

Re: Spinoff to a question on Parenting--money related

A 529 is a college savings fund. I believe there are tax benefits for using this type of fund. Ie., the interest grows tax deferred, and earnings on withdrawals are exempt from fedearl and if applicable NYS income tax when used for qualified higher education expenses. You can also deduct a certain amount on your state income tax return each year.

You can find more information here: NY 529