Statements (49)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
tax-advantaged savings plan
|
| gptkbp:accountOwner |
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 |
books
industrial equipment 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
|
| https://www.w3.org/2000/01/rdf-schema#label |
529 college savings plans
|
| 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 |
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
|