Section 529 Plan Ny

529 plans legally known as qualified tuition plans are sponsored by states state agencies or educational institutions and are authorized by section 529 of the internal revenue code.

Section 529 plan ny.

Similar rules apply to other qualified tuition programs such as prepaid tuition plans and coverdell education savings accounts not just 529 college savings plans. The balance does not provide tax investment or financial services and advice. For more information about new york s 529 college savings program direct plan download a disclosure booklet and tuition savings agreement or request one by calling 877 nysaves 877 697 2837 this document includes investment objectives risks charges expenses and other information. The new york s 529 college savings program direct plan is managed by vanguard and ascensus and offers three age based portfolio options conservative moderate and aggressive and 13 individual fund portfolio options.

An accelerated transfer to a 529 plan for a given beneficiary of 75 000 or 150 000 combined for spouses who gift split will not result in federal transfer tax or use of any portion of the applicable federal transfer tax exemption and or credit amounts if no further annual exclusion gifts and or generation skipping transfers to the same beneficiary are made over the five year period and. Ascensus broker dealer services llc serves as program manager and has overall responsibility for the day to day operations. You ll also want to plan ahead for any tax credits you may qualify for which could help you decide how much you need to take from your 529 account. A 529 plan is a tax advantaged savings plan designed to encourage saving for future education costs.

Age based portfolios shift their asset allocation over time from aggressive to increasingly conservative as the student approaches college aged. 529 savings plans aren t just for college. Investment returns are not guaranteed and you could lose money by investing in the direct plan. You can spend up to 10 000 from a 529 plan on tuition expenses for elementary middle or high school.

College foundation of north carolina nc 529 plan. The refund must be recontributed to a 529 plan for the same beneficiary but it does not necessarily need to be recontributed to the same 529 plan from which it was distributed. The information is being presented without consideration of the investment objectives risk tolerance or financial circumstances of any specific investor and. Ny s 529 college savings program direct plan.

The 529 plan manager or custodian will complete this form and send the student parent and irs a copy. The vanguard group inc serves as the investment manager for the vanguard 529 college savings plan and through its affiliate vanguard marketing corporation markets and distributes the plan.