529 College Savings Accounts

  • You can open and contribute to almost any 529 plan, no matter what state you live in and regardless of your age or income.

  • The new federal tax law expands the qualified use of 529 savings accounts by allowing withdrawals for K-12 tuition expenses, with a limit of $10,000 per year, per beneficiary. However, individual states may or may not adopt this expanded definition of qualified withdrawals. Clients should consult a qualified tax advisor to discuss their individual situation.

  • Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are 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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