|
gptkbp:instanceOf
|
gptkb:tax-advantaged_savings_plan
|
|
gptkbp:accountOwner
|
gptkb:single
guardian
parent
|
|
gptkbp:administeredBy
|
educational institutions
state agencies
states
|
|
gptkbp:alsoKnownAs
|
gptkb:529_plan
|
|
gptkbp:benefit
|
gptkb:student
tax-free growth
tax-free withdrawals for qualified expenses
|
|
gptkbp:canBe
|
eligible colleges and universities
some international institutions
|
|
gptkbp:country
|
gptkb:United_States
|
|
gptkbp:eligibility
|
gptkb:industrial_equipment
books
tuition
fees
supplies
room and board
K-12 tuition (up to $10,000 per year)
student loan repayment (up to $10,000 lifetime)
|
|
gptkbp:establishedBy
|
gptkb:Section_529_of_the_Internal_Revenue_Code
|
|
gptkbp:federalFinancialAidTreatment
|
up to 5.64% of value counted
|
|
gptkbp:federalTaxDeduction
|
no
|
|
gptkbp:fiveYearElection
|
can front-load 5 years of gifts
|
|
gptkbp:giftTaxTreatment
|
annual exclusion applies
|
|
gptkbp:impactOnFinancialAid
|
considered parental asset
|
|
gptkbp:investedIn
|
mutual funds
age-based portfolios
static portfolios
|
|
gptkbp:maximumLoanAmount
|
varies by state
|
|
gptkbp:ownershipControl
|
account owner retains control
|
|
gptkbp:penaltyForNonQualifiedWithdrawal
|
income tax and 10% penalty
|
|
gptkbp:planTypes
|
gptkb:education_savings_plan
prepaid tuition plan
|
|
gptkbp:purpose
|
saving for education expenses
|
|
gptkbp:regulates
|
gptkb:IRS
|
|
gptkbp:rolloverAllowed
|
yes
|
|
gptkbp:rolloverToABLE
|
allowed (up to $17,000 per year, until 2025)
|
|
gptkbp:rolloverToRothIRA
|
allowed (up to $35,000 lifetime, starting 2024)
|
|
gptkbp:stateTaxDeduction
|
varies by state
|
|
gptkbp:subjectToMarketRisk
|
yes
|
|
gptkbp:transferability
|
can change beneficiary
|
|
gptkbp:website
|
https://www.collegesavings.org/
|
|
gptkbp:yearCreated
|
1996
|
|
gptkbp:bfsParent
|
gptkb:ABLE_accounts
|
|
gptkbp:bfsLayer
|
7
|
|
https://www.w3.org/2000/01/rdf-schema#label
|
529 college savings plans
|