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Prepaid Tuition Fund

Colorado

Colorado's Prepaid Tuition Fund program closed permanently on November 1, 2013.

5-Cap Rating

Resident:
Non-Resident:

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

Program type:

Prepaid unit

How to enroll:

Closed to new enrollment.

Initial year of operation:

1997

State agency(ies):

CollegeInvest, a division of the Colorado Department of Higher Education

Enrollment period:

Closed to new enrollments as of August 1, 2002.

Eligibility

Who can be a participant/owner in the program?

Individuals with a valid Social Security number and legal entities

Significant time or age restrictions imposed by the program:

Units must be used within 10 years of the first payout date, unless an extension is granted.

Contributions

Maximum contributions:

Accepts contributions until all account balances in Colorado's 529 plans for the same beneficiary reach $350,000.

Minimum contributions:

No longer accepting contributions.

Contractual Features

Current value of one unit:

1% of average tuition at Colorado four-year public colleges, universities, and state community colleges, but not to exceed 5.5% annual increase

Current unit price:

Not accepting new contributions

Are program benefits backed by the full faith and credit of the state?

No

Are program benefits collateralized or guaranteed in any other way?

No

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 a Colorado 529 plan, to the extent of the contributor's Colorado taxable income, are deductible in computing Colorado taxable income. Rollover contributions are not eligible for the deduction.

State tax recapture provisions:

The principal portion of rollovers and nonqualified withdrawals from this plan are included in Colorado taxable income to the extent of prior Colorado tax deductions. Nonqualified withdrawals for this purpose do not include withdrawals made as the result of the beneficiary's death or disability or withdrawals made on account of the beneficiary's receipt of a scholarship.

State tax treatment of qualified distributions:

Qualified distributions from Colorado and non-Colorado 529 plans are exempt.

State tax treatment of rollovers:

Colorado follows federal tax-free treatment except that outbound rollovers are 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

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:

Account owner or eligible educational institution, 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?

No

Contact

Web site:

Click here to visit

Telephone:

1-800-448-2424

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