Indiana 529 plan receives IRS qualification

The Indiana Family College Savings Plan has received a ruling from the IRS confirming its status as a qualified state tuition program under section 529. It is among a small handful of states that have so far received a ruling. A ruling is not mandatory for status as a 529 plan. There is some significance to this particular ruling because it confirms that a 529 plan may allow a donor to change investment options for future contributions. Previously, there was a concern that the investment option selected when an account is first opened must be used for the entire term of the account.
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