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Recent State News

Arkansas passes new laws to help college savers

(April 17, 2017) - Three Arkansas state laws recently went into effect that will help families save more for college:
1) Act 481 allows investors to carry forward a 529 deduction for four additional years (so maxing that out would allow a couple to invest $50k today and take the $10k deduction in the current tax year, plus the same for four more years)
2) Act 884 allows employers a $500 deduction PER EMPLOYEE for 529 matches into Arkansas 529 plans
3) Act 883 allows investors to take a $15,000 deduction per year per married couple filing jointly ($7500 per individual) for amounts rolled into the AR plans from another state's plan (up from $10,000 max per year). This act also allows Arkansans to take a $3000 per individual ($6000 per couple) deduction for amounts invested in out-of-state plans.

Arkansas now allows excess 529 contributions to be carried forward

(April 5, 2017) - Contributions to an Arkansas 529 plan of up to $5,000 per individual and up to $10,000 per year per married couple filing jointly are deductible in computing Arkansas taxable income. The state now allows investors to carryforward any excess contributions over this amount to claim an additional tax deduction over the next four years.

For more information, click here.

Vermont launches STABLE plan

(March 2, 2017) - STABLE accounts are now available to Vermont residents living with disabilities. The plan offers five different investment options, including four mutual fund based investments and one FDIC-insured based investment. Participants can request a STABLE debit card to conveniently use funds to pay for qualified expenses.

For more information, click here.

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