529 College Savings Plan
Grow your child’s education fund without giving up control over it.
Like other educational savings plans, a 529 College Savings Plan lets you set aside money for your child’s education and take advantage of tax-deferred growth and tax-free withdrawal for qualified expenses. But there’s one big difference-- you maintain indefinite control of the money, even after the child reaches legal age. You can also transfer the account to any other family member should your child not opt to attend college.
- Enjoy state and federal tax-deferred growth.
- Account owner, not beneficiary, controls money.
Who it’s for?
Parents who want to help their kids pay for future education expenses by setting aside money in an account where it will grow tax-deferred—without ever giving up control over the money.
What’s in it for you:
- State and federal tax-deferred growth on earnings for Wisconsin residents.
- Tax-free withdrawals for qualified education expenses.
- Up to $3,000 annual deduction from state taxable income per dependent, grandchild, niece or nephew for Wisconsin residents.
- Account owner retains indefinite control over money, even when beneficiary attains legal age.
- Account is transferable among family members.
What else you need to know?
- Funds may be used to pay for tuition at thousands of eligible schools, including trade schools, 2- and 4-year colleges, and graduate schools nationwide.
- Qualified education expenses include tuition, books, supplies, required fees, and room and board expenses.
- Does not affect eligibility for a Hope Scholarship or Lifetime Learning Credit.
- Funds are considered an asset of the account owner (parent), not the student. This means only 5.6% of the balance is counted against financial aid criteria, versus 35% if owned by the student.
- You can change the investment option on your plan once every calendar year or whenever you change the beneficiary on your account.
- Anyone can contribute to a 529 Plan account, regardless of income level.
Please note:
PRIMEVEST Financial Services, Inc. is an independent, registered broker/dealer and registered investment adviser. Member FINRA/SIPC. Securities and insurance products offered by PRIMEVEST:
- The product is not a deposit or other obligation of the Bank and is not guaranteed by the Bank.
- The product is not insured by FDIC or any agency of the United States or the bank.
- There is investment risk associated with the product, including the possible loss of value.
View PRIMEVEST privacy policy and other important information.
Advisory services may only be offered by Investment Adviser Representatives in connection with an appropriate PrimeVest Advisory Services Agreement and disclosure brochure as provided.
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.
Still have questions? We can help.
- E-mail us.
- Call us at 877.672.2265.
(8:30 a.m. until 7:00 p.m. CST, Monday through Friday, 9:00 am until 3:00 pm CST, Saturdays, & 10:00 am until 1:00pm CST, Sundays, excluding bank holidays)
- Stop by your neighborhood branch.
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