Compare 529 Plans

Upromise Investments, Inc., which was acquired by Ascensus College Savings in 2013, became manager of the Indiana CollegeChoice Advisor 529 Savings Plan in September 2008, replacing JPMorgan. The plan uses BlackRock, Schwab, DFA, American Funds, T.Rowe Price, Carillon Tower Advisors and Vanguard funds in its Year of Enrollment Option and mutual funds from various investment managers in its individual portfolios. The plan also offers an FDIC-insured Savings Portfolio from NexBank and the Capital Preservation Portfolio invested in the New York Life Guaranteed Interest Account. Accounts can be linked to the Upromise Rewards service.

Savings

Enroll through a financial advisor.

1997, but substantially changed in 2008

Indiana Education Savings Authority (IESA)

Ascensus Government Savings

Ascensus Broker Dealer Services

None

U.S. citizens and resident aliens at least 18 years old, emancipated minors, UGMA/UTMA custodians, and legal entities.

For Indiana taxpayers claiming a state tax credit on contributions, the account must remain open for at least one year to avoid recapture of the tax credit on distributions used to pay qualified education expenses.

Accepts contributions until all account balances in Indiana's 529 plan for the same beneficiary reach $450,000.

$25

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

The Year of Enrollment option contains 8 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the anticipated year of college enrollment, and reassigned to the College Portfolio upon reaching that year.

Select among 12 individual-fund portfolios with various investment managers. An FDIC-insured bank savings option and capital preservation option are also offered.

Vanguard, Schwab, BlackRock, DFA, American Funds, T. Rowe Price, Carillon Tower Advisors, Diamond Hill, PIMCO. The Savings Portfolio invests in the NexBank High-Yield Savings account and the Capital Preservation Portfolio invests in the New York Life Guaranteed Interest Account.

None, but contributions may be subject to a sales charge depending on share class.

$20 annually, waived for accounts with an Indiana resident as owner or beneficiary and for accounts with balances of $25,000 or more.

0.39% manager fee (includes 0.08% state administrative fee) plus distribution expenses of 0.25% (Class A) or 1.00% (Class C), none for Class I. The Savings Portfolio and Capital Preservation Portfolio are subject to a 0.31% manager fee.

Ranges from 0.04% to 0.11% in the Year of Enrollment portfolio option and from 0.02% to 0.76% in the Individual portfolio options (portfolio weighted average). None for the Capital Preservation or Savings Portfolio.

Class A: 0.66% - 1.40%
Class C: 1.41% - 2.15%
Class I: 0.41% - 1.15%
Savings Portfolio - 0.31%
Capital Preservation Portfolio - 0.31%

None.

Indiana taxpayers are eligible for a state income tax credit of 20% of contributions to an Indiana 529 Plan, up to $1,500 credit per year ($750 for married couples filing separately). Effective January 1, 2024, rollover contributions and contributions generated through a rewards program are not eligible for the credit. Effective January 1, 2023, the definition of an Indiana taxpayer was revised to include married individuals filing separately. The maximum annual credit allowed for a married taxpayer filing separately is $750. Indiana residents may elect to treat contributions made through the deadline (excluding extensions) for filing an individual Indiana state income tax return (generally April 15) as having been made in the prior year in order to claim the allowable annual credit on their Indiana state tax return for the prior year. Contributions default to the current contribution year; if you wish to have a contribution made before Tax Day count toward the prior calendar year, include a letter with a mailed check or contact the plan administrator to make the request.

An account owner must pay with the Indiana tax return a tax equal to the 20 percent of a nonqualified withdrawal from this plan, to the extent of Indiana tax credits previously claimed. Nonqualified withdrawals for this purpose include rollovers but 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. Recapture will apply to accounts terminated within 12 months from account opening date.

The state definition of qualified education expenses includes expenses for higher education and apprenticeship programs, as well as up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school. Education loan repayments are not considered as a qualified education expense.

For Indiana state income tax purposes, a withdrawal for payment of K-12 Tuition Expenses at a K-12 school which is not located in Indiana will be treated as a non-qualified withdrawal and taxed as income to the extent previously deducted as a contribution to the CollegeChoice 529 Direct Savings Plan. Distributions from a 529 account directly to a Roth IRA are not considered a qualified expense for state income tax purposes.

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

Indiana follows federal tax-free treatment except that outbound rollovers are subject to the recapture of prior state tax credits.

Yes

No

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.

Eligible educational institution, beneficiary, or account owner, as directed by the account owner

Accepts requests to transfer account ownership.

Yes

No

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