Advantages of 529 Plans:
- Large contributions per beneficiary
- No income limitations or age restrictions
- Donor retains control of the account
Learn more about strategies to attain your financial goals, such as Retirement Solutions, IRAs, Changing Jobs (Rollovers), retirement (Rollovers and Immediate Annuities), College Savings, Financial Guidance, and Estate Tax Planning.
Contribution limits are generally expressed as a lifetime contribution cap or a maximum account balance. The total account balance limit is usually linked to the reasonably expected costs of 5 years of tuition, mandatory fees, and room and board at the most expensive school in the plan.
Before investing in a 529 Plan, investors should consider whether the investor's or designated beneficiary's home state offers state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax-free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.
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