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Ohio's 529 Plan, CollegeAdvantage NEW! PDF ReportPRO
Ohio
The investment menu in Ohio's 529 Plan, CollegeAdvantage, features 2 age-based options and 5 risk-based options using Vanguard funds, 13 static investment options using Vanguard and DFA funds, and 2 types of FDIC-insured deposit accounts through Fifth Third Bank, National Association. Accounts can be linked to the Upromise rewards service.
5-Cap Rating
| Resident: |  |
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| Non-Resident: |
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Savingforcollege.com's 5-Cap Ratings provides an evaluation and comparison of 529 plans, utilizing a formula that examines dozens of factors grouped into the following categories. (Scale 0 to 5; 5 is highest)
| Performance | Costs | Features | Reliability | Resident Upgrade |
|---|---|---|---|---|
| 3.27 | 4.46 | 4.29 | 4.45 | 0.00 |
General
Did you know?
Residents are not limited to investing in their own state's plan. Another state may offer a plan that performs better and has lower fees.
The plan chosen does not affect which state the student enrolls in. An investor can live in NY, invest in a plan from NV and send a student to college in FL.
The best way to maximize your college savings? Start early and save often. You can get started today with easy online enrollment.
Program type:
Savings
How to enroll:
Enroll directly with the program.
Initial year of operation:
2000
State agency(ies):
Ohio Tuition Trust Authority, an office within the Ohio Department of Higher Education
Program manager:
Ohio Tuition Trust Authority
Program distributor:
Ohio Tuition Trust Authority
Manager contract term:
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Eligibility
State residency requirements:
None
Who can be a participant/owner in the program?
U.S. citizens and resident aliens, UGMA/UTMA custodians, trusts, and 501(c)(3) organizations.
Significant time or age restrictions imposed by the program:
None
Contributions
Maximum contributions:
Accepts contributions until all 529 account balances in Ohio's 529 plans for the same beneficiary reach $541,000.
Minimum contributions:
$25 ($500 for the Fifth Third Bank CD option).
Does the program offer an e-gifting platform for receiving gift contributions?
This plan does not offer an online gifting portal allowing for easy sharing but may offer gift certificates or allow mail-in gift contributions.
Investment Options
Age-based/Enrollment Year investment options:
2 separate age-based options are offered. The Advantage Age-Based Option invests in 11 enrollment-based portfolios and the Vanguard Ohio Target Enrollment option offers 11 portfolios. Both options invest in funds from Vanguard and DFA.
Static investment options:
The Vanguard investment options consist of 5 multi-fund portfolios and 13 individual-fund portfolios. The Fifth Third Bank, National Association options consist of certificates of deposit and a savings account. The remaining options include an equity fund and a bond fund from DFA.
Underlying investments:
Vanguard and DFA mutual funds; certificates of deposit and savings accounts from Fifth Third Bank, National Association.
Underlying fund allocations:
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Portfolio Fees & Performance Lookup
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See Investment OptionsFees & Expenses
Enrollment or application fee:
None.
Account maintenance fee:
None.
Program management fees:
0.105% manager fee plus 0.02% fee to the state.
Fifth Third Bank options: No fees.
Expenses of the underlying investments:
Age-based, year of enrollment and static portfolios: 0.03% to 0.04%
Individual fund portfolios: 0.02% to 0.31%
Fifth Third Bank options: None
Total asset-based expense ratio:
0.145% - 0.435%. None for Fifth Third Bank options.
Taxes and other Benefits
Program match on contributions:
None.
State tax deduction or credit for contributions:
Contributions, including rollover contributions, to an Ohio and non-Ohio 529 plans of up to $4,000 per beneficiary per year (any filing status) are deductible in computing Ohio taxable income, with an unlimited carryforward of excess contributions. Contribution deadline is December 30.
State tax recapture provisions:
The principal portion of nonqualified withdrawals from this plan are included in Ohio taxable income to the extent of prior Ohio tax deductions. Nonqualified withdrawals for this purpose do not include withdrawals made as the result of the beneficiary's death or disability, withdrawals made on account of the beneficiary's receipt of a scholarship. Offering materials indicate that distributions subsequently rolled over to another 529 plan are subject to Ohio tax recapture; whether or not "trustee to trustee" rollovers are subject to recapture appears unclear.
State definition of qualified expenses
The state conforms with the federal definition of qualified education expenses, which includes expenses for higher education, apprenticeship programs, interest and/or principal on qualified education loans up to a $10,000 lifetime cap, and up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school. Distributions from a 529 account directly to a Roth IRA are considered a qualified expense for state income tax purposes.
State tax treatment of qualified distributions:
Qualified distributions from Ohio and non-Ohio 529 plans are exempt. Ohio also exempts distributions from a Ohio 529 plan attributable to the beneficiary's death, disability, or receipt of a scholarship.
State tax treatment of rollovers:
Ohio follows federal tax-free treatment except that outbound rollovers appear subject to the recapture of prior state tax deductions.
Does the sponsoring state exclude the value of an account for state financial aid purposes?
No
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?
No
Is there a rewards program or outside scholarship program that works with this program?
Yes, the Upromise Rewards program can be linked to any 529 college savings plan. Upromise Rewards is free to join and offers members cash back for college.
Statutory protection of an account from creditors:
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Distributions & Terminations
To whom are distributions made payable:
Eligible educational institution, beneficiary, or account owner, as directed by the account owner.
Account Changes
Policy regarding participant/owner changes:
Accepts requests to transfer account ownership.
Documents, Access & Reporting
Does participant have online password-protected access to account?
Yes
Can the complete enrollment process including funding be done online?
Yes
Documents and other services accessible or downloadable on the program's public Web site:
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Plan News
- Ohio’s 529 Plan, CollegeAdvantage has reduced program fees by a full basis point effective October 2021 (10/28/2021)
