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SMART529 Prepaid Tuition Plan
West Virginia
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.
5-Cap Rating
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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)
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. 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.
Program type:
Prepaid contract
Telephone:
1-866-574-3542
Web site:
How to enroll:
Closed to new enrollment.
Initial year of operation:
1998
Enrollment period:
Closed to new enrollment.
State agency(ies):
State Treasurer's Office under the authority of the West Virginia College Prepaid Tuition and Savings Program Board of Trustees
Eligibility
State residency requirements:
The account owner or beneficiary must be a West Virginia resident at the time of purchase.
Who can be a participant/owner in the program?
Individuals at least 18 years old and approved legal entities.
Significant time or age restrictions imposed by the program:
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.
Contractual Features
Contract prices:
No longer accepting new enrollments.
Available tuition packages:
One to ten semester units (up to 5 years) of in-state undergraduate tuition and mandatory fees at a WV public institution
Benefits for beneficiary attending private or out-of-state institution:
Contract benefit value is based on the current tuition value which is the weighted average tuition and mandatory fees at WV public institutions
Contract payment options:
No longer accepting new enrollments
Are program benefits backed by the full faith and credit of the state?
No
Are program benefits collateralized or guaranteed in any other way?
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
Enrollment or application fee:
None.
Taxes and other Benefits
Program match on contributions:
Premium subscription required for this data.
State tax deduction or credit for contributions:
Contributions to West Virginia's 529 plans are fully deductible in computing West Virginia taxable income.
State tax recapture provisions:
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.
State tax treatment of qualified distributions:
Qualified distributions from West Virginia and non-West Virginia 529 plans are exempt.
State tax treatment of rollovers:
West Virginia follows federal tax-free treatment.
Does the sponsoring state exclude the value of an account for state financial aid purposes?
Yes
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?
No
Does the program have a formal agreement with a rewards program or outside scholarship program?
No
Statutory protection of an account from creditors:
Premium subscription required for this data.
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 contract ownership.
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