529 Plans
An investment in education that really pays big.
Named after Section 529 of the Internal Revenue, a 529 college saving plan is a state-sponsored program that provides tax deferred growth and to tax free withdrawals for educational expenses. 529 plans vary state by state but the major benefits are:
- Tax deferred growth: no taxes are due on gains so the money grows quickly
- Tax free withdrawals when used for college expenses: withdrawals are federal tax free (many are also state tax free) when used to pay for tuition, books, and room and board.
- In-State Contribution Advantages: many states offer tax deductions or exemptions for contributions (state tax laws may vary).
- Can be used for most accredited colleges and trade schools nationwide
- Adult students can set up their own 529 account: for ongoing college education
- Anyone can contribute to 529 plan: the gift of education can be a great birthday or holiday gift from a parent, grandparent or even aunt and uncle.
- 529s can be transferred: if original beneficiary does not go to college the account can be transferred to someone else
- No income limitations or age restrictions to open a 529 savings plan
- Convenient ways to add money - by check, electronic funds transfer, wire transfers, automatic investment, and payroll deduction.
Before investing in a 529 Plan, investors should carefully consider whether their home state offers any state tax or other benefits that are only available for investments in their state's 529 college savings plan.
Investments are offered through PrimeVest Financial Services.
PRIMEVEST Financial Services, Inc. is an independent, registered broker/dealer and registered investment adviser. Member SIPC/NASD. Securities and insurance products offered by PRIMEVEST: * Not FDIC insured * May go down in value * not financial institution guaranteed * Not a deposit * not insured by any federal government agency.
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Investment Executives are registered to conduct securities business and licensed to conduct insurance business in limited states. Response to, or contact with residents of other states will only be made upon compliance with applicable licensing and registration requirements. The information in this website is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase brokerage services to persons outside of the United States.
