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CollegeCounts 529 Fund
The manager for the Alabama CollegeCounts 529 Fund direct-sold savings program changed from Van Kampen to Union Bank and Trust Company in August 2010. It features age-based, static and individual fund portfolio options using mutual funds from multiple fund firms.
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)
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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.
2002, but substantially changed in August 2010.
Board of Trustees of CollegeCounts 529 Fund, chaired by the State Treasurer
UBT 529 Fund Services, a division of Union Bank & Trust Company
Through June 30, 2020.
U.S. citizens and resident aliens at least 19 years old, UGMA/UTMA custodians, and legal entities organized in the U.S.
Accepts contributions until all account balances in Alabama 529 plans for the same beneficiary reach $350,000.
The Age-Based Portfolios option is offered in 3 different risk levels (Aggressive, Moderate, and Conservative) each containing 5 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the risk level selected and based on the age of the beneficiary, and later reassigned to more conservative portfolios as the beneficiary approaches college age.
Select among 6 multi-fund Target portfolios and 26 Individual-fund portfolios.
Vanguard,T. Rowe Price, DFA, MainStay, PIMCO, Fidelity and Dodge & Cox
Click here, you need Microsoft Excel to open this document.
Click here to visit, link to the program website containing most current performance data.
Fees & Expenses
$12 annually, waived if either the account owner or designated beneficiary is an Alabama resident.
Ranges from 0.07% to 0.10% (portfolio weighted average) in the age-based and static multi-fund portfolios, and 0.04% to 0.64% in the individual-fund portfolios.
0.29% - 0.89%
Taxes and other Benefits
Contributions, including rollover contributions, to an Alabama 529 plan of up to $5,000 per year by an individual, and up to $10,000 per year by married taxpayers filing jointly who each make their own contributions, are deductible in computing Alabama taxable income.
Investment time horizon:
18 yrs (i.e. newborn): 0.41% annualized
10 yrs (i.e. 8-yr old): 0.63% annualized
2 yrs (i.e. 16-yr old): 2.26% annualized
Based on 5% AL tax rate. (For assumptions see 529 State Tax Calculator.)
A nonqualified withdrawal from an Alabama 529, plus 10 percent of the amount of the withdrawal, is included in Alabama taxable income to the extent of prior Alabama tax deductions. Outbound rollovers are also subject to recapture.
Alabama law exempts qualified distributions from an Alabama 529 plan but does not exempt distributions from a non-Alabama 529 plan.
Inbound rollovers are not subject to Alabama tax. The full amount rolled over can be deducted subject to the $5,000 or $10,000 annual maximum. Outbound rollovers are treated as nonqualified withdrawals.
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?
Yes, CollegeCounts 529 Rewards Visa Card, you can earn 1.529% on your everyday purchases.
Distributions & Terminations
Eligible educational institution, beneficiary, or account owner, as directed by the account owner.
Accepts requests to transfer account ownership.
Documents, Access & Reporting
Contactvisit Enroll Now
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