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SMART529 Prepaid Tuition Plan
The West Virginia SMART529 Prepaid Tuition Plan which is a prepaid tuition plan has stopped accepting new enrollments and its future has not been settled.
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)
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. If there is no tax break offered for in-state investors ... shop around!
Also, 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.
Closed to new enrollment.
State Treasurer's Office under the authority of the West Virginia College Prepaid Tuition and Savings Program Board of Trustees
Closed to new enrollment.
The account owner or beneficiary must be a West Virginia resident at the time of purchase.
Individuals at least 18 years old and approved legal entities.
The beneficiary must be in the 9th grade or below at the time of enrollment. Contract benefits must be used within 10 years after the beneficiary's projected college entrance date.
No longer accepting new enrollments.
One to ten semester units (up to 5 years) of in-state undergraduate tuition and mandatory fees at a WV public institution
Contract benefit value is based on the current tuition value which is the weighted average tuition and mandatory fees at WV public institutions
No longer accepting new enrollments
Yes, a prepaid tuition escrow account exists to guarantee payment of prepaid tuition contracts; up to $1,000,000 annually is transferred to the escrow account from the state's unclaimed property fund if an unfunded liability exists in the program's trust fund.
Fees & Expenses
Taxes and other Benefits
Contributions to West Virginia's 529 plans are fully deductible in computing West Virginia taxable income.
The principal portion of nonqualified withdrawals from this plan are included in West Virginia taxable income to the extent of prior West Virginia tax deductions. Rollovers apparently are not subject to recapture.
Qualified distributions from West Virginia and non-West Virginia 529 plans are exempt.
West Virginia follows federal tax-free treatment.
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?
Under West Virginia law, moneys in the Prepaid Tuition Trust Fund are exempt from creditor process, and are not subject to attachment, alienation, garnishment or other process, and moneys in an account are exempt from the property of an estate in bankruptcy proceedings.
Distributions & Terminations
Eligible educational institution, beneficiary, or account owner, as directed by the account owner
Accepts requests to transfer contract ownership.