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Ohio's 529 Plan, CollegeAdvantage

4 / 5

Our rating

Good OH resident benefits

OH resident benefits

The investment menu in Ohio's 529 Plan, CollegeAdvantage, features 2 age-based options and 5 risk-based options using Vanguard funds, 13 static investment options using Vanguard and DFA funds, and 2 types of FDIC-insured deposit accounts through Fifth Third Bank, National Association. Accounts can be linked to the Upromise rewards service.

Ohio's 529 Plan, CollegeAdvantageHonors

KEY METRICS

OVERVIEW

Program type

Savings

Inception

2000

State agency

Ohio Tuition Trust Authority, an office within the Ohio Department of Higher Education

Tax deduction

For single filers: $4,000/yr per beneficiary

For joint filers: $4,000/yr per beneficiary

Program manager

Ohio Tuition Trust Authority

Program distributor

Ohio Tuition Trust Authority

Manager contract term

Eligibility

State residency requirements:

None

Who can be a participant/owner in the program?

U.S. citizens and resident aliens, UGMA/UTMA custodians, trusts, and 501(c)(3) organizations.

Significant time or age restrictions imposed by the program:

None

Contributions

Maximum contributions:

Accepts contributions until all 529 account balances in Ohio's 529 plans for the same beneficiary reach $541,000.

Minimum contributions:

$25 ($500 for the Fifth Third Bank CD option).

Does the program offer an e-gifting platform for receiving gift contributions?

This plan offers a robust gifting platform that allows gift-givers to save their own profile for recurring or future contributions.

SPONSORED

Other great plans to consider

You are not limited to your own state's 529 plan, so compare the plan and tax benefits offered by your state to other options. Here are some plans that are available to residents of any state and have earned awards in our 529 Plan Ratings:

Investment Options

Investors in Ohio's 529 Plan, CollegeAdvantage can select from the following investment options. Click on a portfolio name for more information.

2 separate age-based options are offered. The Advantage Age-Based Option invests in 11 enrollment-based portfolios and the Vanguard Ohio Target Enrollment option offers 11 portfolios. Both options invest in funds from Vanguard and DFA.
PortfolioE.R. % Equity1yr performance
2036 Portfolio0.29%61%6.21%
2034 Portfolio0.29%53%6.08%
2032 Portfolio0.29%44%6.03%
2030 Portfolio0.28%35%5.75%
2028 Portfolio0.26%26.01%5.53%
2026 Portfolio0.24%15.51%5.21%
Graduate Portfolio0.21%4%4.68%
2038 Portfolio0.29%69%6.27%
2040 Portfolio0.29%77%6.41%
2040 / 20410.17%95%6.77%
2038 / 20390.17%91%6.59%
2036 / 20370.16%83%6.59%
2034 / 20350.16%71%6.35%
2032 / 20330.16%59%5.99%
2030 / 20310.16%51%5.88%
2028 / 20290.16%38.27%5.18%
2026 / 20270.16%25.6%4.62%
2024 / 20250.15%19.33%4.41%
2022 / 20230.15%15.47%4.1%
Commencement Portfolio0.15%11.6%4.05%
2042 Portfolio0.29%85%6.54%
2042 / 20430.17%95%6.73%
2044 Portfolio0.29%85%N/A

Age-based/Enrollment Year investment options:

2 separate age-based options are offered. The Advantage Age-Based Option invests in 11 enrollment-based portfolios and the Vanguard Ohio Target Enrollment option offers 11 portfolios. Both options invest in funds from Vanguard and DFA.

Static investment options:

The Vanguard investment options consist of 5 multi-fund portfolios and 13 individual-fund portfolios. The Fifth Third Bank, National Association options consist of certificates of deposit and a savings account. The remaining options include an equity fund and a bond fund from DFA.

Underlying investments:

Vanguard and DFA mutual funds; certificates of deposit and savings accounts from Fifth Third Bank, National Association.

Underlying fund allocations:

Portfolio Fees & Performance Lookup

Contractual Features

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

No

Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

None.

Program management fees:

0.105% manager fee plus 0.02% fee to the state.

Fifth Third Bank options: No fees.

Expenses of the underlying investments:

Age-based, year of enrollment and static portfolios: 0.03% to 0.04%
Individual fund portfolios: 0.02% to 0.31%
Fifth Third Bank options: None

Total asset-based expense ratio:

0.145% - 0.435%. None for Fifth Third Bank options.

Taxes and other Benefits

Tax deduction for single filers:

$4,000/yr per beneficiary

Tax deduction for joint filers:

$4,000/yr per beneficiary

Program match on contributions:

None.

State tax deduction or credit for contributions:

Contributions, including rollover contributions, to an Ohio and non-Ohio 529 plans of up to $4,000 per beneficiary per year (any filing status) are deductible in computing Ohio taxable income, with an unlimited carryforward of excess contributions. Contribution deadline is December 30.

Calculate your Ohio 529 tax benefit

Find out how much you can save on state taxes this year by contributing to a Ohio 529 plan.

Your tax savings per year
$0

Household income

$100,000

Monthly Contribution

$100

State tax recapture provisions:

Any rollover withdrawal to another state's 529 Plan is subject to recapture of any State of Ohio tax deductions claimed in prior years.

State definition of qualified expenses

The state conforms with the federal definition of qualified education expenses, which includes expenses for higher education, apprenticeship programs, interest and/or principal on qualified education loans up to a $10,000 lifetime cap, and up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school. Distributions from a 529 account directly to a Roth IRA are considered a qualified expense for state income tax purposes.

State tax treatment of qualified distributions:

Qualified distributions from Ohio and non-Ohio 529 plans are exempt. Ohio also exempts distributions from a Ohio 529 plan attributable to the beneficiary's death, disability, or receipt of a scholarship.

State tax treatment of rollovers:

Ohio follows federal tax-free treatment except that outbound rollovers appear 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

Is there a rewards program or outside scholarship program that works with this program?

Yes, the Upromise Rewards program can be linked to any 529 college savings plan. Upromise Rewards is free to join and offers members cash back for college.

Statutory protection of an account from creditors:

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 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?

Yes

Documents and other services accessible or downloadable on the program's public Web site:

Contact

A good place to start:

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