Hi there:

I am enrolled to start a part time MBA this fall in California. Since I will be a self-funded student, I would like advice on any tax breaks/credits I can get for my education.

Furthermore, can someone let me know whether opening up a 529 plan would be beneficial (even though I'm going to school in a few months)?

Thanks,

I see no real benefit for a 529 plan unless your state has a significant tax deduction associated with funding such a plan.

If you can show that the MBA enhances your job skills in your current job, you probably can deduct the tuition as an employee business expense. It is an itemized deduction, but MBA tuition is never cheap, so it could be a significant deduction.