Saving for College the Smart way - 529 Plans          

 

Kansas 529 Plans

Kansas offers three 529 college savings plans: Learning Quest, a direct plan; Learning Quest advisor, an advisor-sold tuition plan; and Schwab 529 College Savings Plan, a direct plan.

LearningQuest 529

Learning Quest is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.

Type: Direct - this Kansas 529 plan can be purchased directly.

Fund Family: American Century Investment Services, Inc. and The Vanguard Group

Minimums: Minimums have been reduced to $25.

Maximum Contributions:  Currently, you can contribute to your Kansas 529 plan until your balance reaches $325,000.  Of course, your total amount in the plan can be higher as your investments group.  529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits:  Good news for Kansas residents -- by investing in your state's 529 plan, the earnings portion of your withdrawals use to pay for qualified education expenses is tax free from Kansas state tax.  You also get a deduction of up to $3,000 ($6,000 if married filing jointly) for contributions each year per beneficiary.  You also get federal income tax benefits as you do not pay income tax on your earnings. Out-of-state participants still get the federal tax benefits.

Other Benefits: For Kansas residents, eligible accounts may receive a matching grant if $100-$600 is contributed within a year.

Residency: Learning Quest is open to all United States residents, not just those in Kansas.

You can learn more about the this 529 plan at the official web site.

 

Learning Quest Advisor

Learning Quest Advisor is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.

Type: Advisor - Please contact a financial advisor in your state for assistance.

Fund Family: Various

Maximum Contributions:  Currently, you can contribute to your Kansas 529 plan until your balance reaches $325,000.  Of course, your total amount in the plan can be higher as your investments group.  529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits:  Good news for Kansas residents -- by investing in your state's 529 plan, the earnings portion of your withdrawals use to pay for qualified education expenses is tax free from Kansas state tax.  You also get a deduction of up to $3,000 ($6,000 if married filing jointly) for contributions each year per beneficiary.  You also get federal income tax benefits as you do not pay income tax on your earnings. Out-of-state participants still get the federal tax benefits.

Other Benefits: For Kansas residents, eligible accounts may receive a matching grant if $100-$600 is contributed within a year.

Residency: Learning Quest Advisor is open to all United States residents, not just those in Kansas.

You can learn more about the this 529 plan at the official web site.

 

Schwab 529 College Savings Plan

Schwab 529 College Savings Plan is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.

Type: Direct - this Kansas 529 plan can be purchased directly

Fund Family: Various

Minimums: The minimum is only $25.

Maximum Contributions:   Currently, you can contribute to your Kansas 529 plan until your balance reaches $325,000.  Of course, your total amount in the plan can be higher as your investments group.  529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits:  Good news for Kansas residents -- by investing in your state's 529 plan, you can deduct up to $3,000 on your state income taxes for single filer and $6,000 for married filers.  You also get federal income tax benefits as you do not pay income tax on your earnings.  Out-of-state participants still get the federal tax benefits.

Residency: Schwab 529 College Savings Plan is open to all United States residents, not just those in Kansas

You can learn more about the this 529 plan at the official web site.

529 Plan Report

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Need Help?

Contact a 529 and college savings plan advisor in your area.

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