Saving for College the Smart way - 529 Plans          

 

Ohio 529 Plans

Ohio offers two college savings plans, a direct sold plan called CollegeAdvantage 529 Savings Plan, and an advisor sold plan called BlackRock CollegeAdvantage.

CollegeAdvantage 529 Savings Plan

CollegeAdvantage 529 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 529 plan can be sold directly through the state.

Fund Family:  Fifth Third Bank, PIMCO, OppenheimerFunds, GE Asset Management, and The Vanguard Group®

Minimums:  You can open an account with $25.

Maximum Contributions:  Currently, the maximum account value is $377,000. 529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits:  Good news for Ohio residents - by investing in your state's 529 plan, you can deduct up to $2,000 on your state income taxes. 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:  CollegeAdvantage 529 Savings Plan is open to all United States residents, not just those in Ohio. However, only Ohio residents are eligible for the Putnam Investment Options through the direct program. Non-residents can participate in the Putnam options through a financial advisor in the state in which you reside. 

You can learn more about this Ohio 529 plan at the official website http://www.collegeadvantage.com/.

 

BlackRock CollegeAdvantage

BlackRock CollegeAdvantage 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:  BlackRock

Minimums:  Contact your financial advisor

Maximum Contributions:  $377,000 is the account maximum.

Tax Benefits:  Good news for Ohio residents - by investing in your state's 529 plan, you can deduct up to $2,000 on your state income taxes. 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:  Contact your financial advisor.

You can learn more about this Ohio 529 plan at the official website.

 

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