Education Savings

Education Savings Plans may allow tax advantages for education expenses.

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Cloverdell Education Savings Plan

  • $2,000 maximum contribution per year
  • Income restrictions are in affect for these plans
  • Beneficiaries may be changed
  • Withdrawn earnings could be federally tax free for qualified education expenses

529 Education Savings Plan

  • Contribution limits are established per program
  • Many limits are in excess of $300,000 per beneficiary
  • No income restrictions
  • Beneficiaries may be changed
  • Withdrawn earnings could be federally tax free for qualified higher education expenses

Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection form creditors that are only available for such investments in such state's qualified tuition program. Withdrawals user for qualified expenses are federally tax free. Tax treatment at the state level may vary. Non-qualified withdrawals may result in federal income tax and a 10% federal tax penalty on earning. Please consult with your tax advisor before investing.

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