Statements (51)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
tax-advantaged savings plan
|
| gptkbp:benefit |
gptkb:student
tax-free growth tax-free withdrawals for qualified expenses |
| gptkbp:canChangeBeneficiary |
yes
|
| gptkbp:created |
1996
|
| gptkbp:establishedBy |
gptkb:Section_529_of_the_Internal_Revenue_Code
|
| gptkbp:federalTaxBenefit |
tax-free earnings
tax-free withdrawals for qualified expenses |
| gptkbp:financialAidImpact |
considered parental asset
|
| gptkbp:giftTaxExclusion |
$17,000 per year (2023)
|
| https://www.w3.org/2000/01/rdf-schema#label |
529 plans
|
| gptkbp:investedIn |
varies by plan
|
| gptkbp:managedBy |
state or plan administrator
|
| gptkbp:maximumLoanAmount |
varies by state
|
| gptkbp:offeredBy |
educational institutions
state agencies states |
| gptkbp:owner |
account holder
|
| gptkbp:penalty |
10% penalty on non-qualified withdrawals
income tax on earnings for non-qualified withdrawals |
| gptkbp:qualifiedExpense |
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:regulates |
gptkb:IRS
|
| gptkbp:rolloverAllowed |
yes
|
| gptkbp:rolloverTo |
ABLE account (up to $17,000 per year, 2023)
another 529 plan |
| gptkbp:stateTaxBenefit |
may offer deductions or credits
|
| gptkbp:subjectToFees |
yes
|
| gptkbp:subjectToGiftTax |
yes
|
| gptkbp:subjectToMarketRisk |
yes
|
| gptkbp:superfundingAllowed |
yes
|
| gptkbp:superfundingLimit |
$85,000 per beneficiary (2023, 5-year election)
|
| gptkbp:transferredTo |
yes
|
| gptkbp:type |
education savings plan
prepaid tuition plan |
| gptkbp:usedFor |
higher education
K-12 education education savings apprenticeship program expenses student loan repayment |
| gptkbp:website |
https://www.collegesavings.org/
|
| gptkbp:bfsParent |
gptkb:IRS_Form_1099-Q
gptkb:Tax_Cuts_and_Jobs_Act |
| gptkbp:bfsLayer |
6
|