How much can you contribute to a 529 plan in Texas?
What’s the maximum? You can open a Texas College Savings Plan 529 account with as little as $25, and subsequent contributions can be as small as $15 when funding an account through an Automatic Investment Plan (AIP) or payroll deduction. The maximum contribution amount is $500,000.
Does Texas offer a tax deduction for 529 plans?
Contributions to the Texas 529 plans are not tax-deductible on state income tax returns. Texas is one of nine states that do not have a state income tax and therefore do not offer a tax deduction or tax credit based on contributions to the state’s 529 plan.
Does Texas offer a 529 plan?
The Texas College Savings Plan (The Texas 529 Savings Plan) A choice of savings options, Tax-free growth for your investment, and. Tax-free withdrawals on earnings used for qualified higher education expenses, including books, room and board, transportation and more.
What 529 plan are TX residents using?
The Texas College Savings Plan is a direct-sold 529 plan that can be opened online and the Lonestar 529 Plan is an advisor-sold 529 plan that is only available through a licensed financial advisor. But, Texas residents are not limited to using an in-state 529 plan.
Which state has the best 529 plan?
Utah — The first state located outside of the Midwest , Utah consistently ranks as one of the best states for 529 Plans. That’s partly because the state handles the investments itself, rather than outsourcing fund management.
What should we do with the 529 plan?
529s Aren’t Just for Four-Year Colleges. You can use money in a 529 at any institution of higher education that receives financial aid.
Which 529 plan is best for You?
Ohio’s 529 plan,CollegeAdvantage. Ohio’s plan offers savers a diversity of investment plans – three based on age and five based on your risk tolerance,as well as other investment