Does Illinois have a college savings plan?
The state of Illinois has 3 state plans: the Bright Start Illinois 529 College Savings Plan, the Bright Directions Advisor-Guided 529 College Savings plan, and the College Illinois Prepaid Tuition Program. The Bright Start plan is a direct-sold plan that does not require residency and comes with 0.11% – 0.83% fees.
Does il have a 529 plan?
The Treasurer serves as the trustee of two Illinois 529 college savings plans. Contributions are tax deductible for Illinois taxpayers (up to $10,000 for individuals and $20,000 for joint filers). Both Plans are qualified tuition programs under Section 529 of the Internal Revenue Code of 1986, as amended.
Can I deduct 529 contributions in Illinois?
Each year, Illinois taxpayers can deduct contributions made to Illinois 529 plans up to: $10,000 per individual taxpayer. $20,000 for a married couple filing jointly.
What is the best 529 plan in Illinois?
The Bright Start 529 plan is a direct-sold 529 plan that received a Gold rating from Morningstar in October 2019. The Bright Directions 529 plan was among the top 10 advisor-sold 529 plans for the 3- year period ended September 30, 2019 according to Savingforcollege.com’s quarterly 529 plan rankings.
Do grandparents get a tax deduction 529 Illinois?
Yes, grandparents can claim the deduction for contributing to a 529 if they live in one of the 34 states that offer a state income tax deduction for 529 college-savings plan contributions. The only question is whether you must own the account or whether you can contribute to one set up by, say, the child’s parents.
Can a grandparent contribute to a 529 plan and claim a tax deduction in Illinois?
Is Bright Start 529 a good plan?
Bright Start Highly Rated! Morningstar annually rates 529 college savings programs. Bright Start has been rated as one of the top 529 plans in the nation. For three consecutive years, Bright Start has earned a Gold medal from Morningstar – the highest consumer rating given to college savings programs.
