collegeplan ohio 529 plan
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Our Catholic Schools will educate your child for the world beyond our walls. A 529 college savings plan makes affording an education beyond those walls possible.
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What is CollegeAdvantage? CollegeAdvantage is Ohio’s 529 college savings program designed to help families save for any public or private elementary school, high school, or college in a tax-advantaged way, and this includes Our Catholic Schools. The Ohio Tuition Trust Authority, a state agency within the Office of the Chancellor of the Ohio Department of Higher Education, sponsors and manages the program.
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How does CollegeAdvantage work? Two plans are offered: The Direct 529 Savings Plan provides a do-it-yourself approach, while the Advisor 529 Savings Plan offered by BlackRock must be opened through a professional financial advisor. Both plans offer advantages including: tax-free earnings, diverse investment options, and professionally managed funds.
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How does our family open a CollegeAdvantage account? The easiest way to open a Direct Plan account is to enroll at https://www.collegeadvantage.com/new-to-collegeadvantage/open-an-account. It only takes about 10 minutes. To open an Advisor Plan account, you will need to contact a financial advisor.
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How much money do I need to open an account? You may open a plan with as little as $25.
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Who can open a CollegeAdvantage account? Any U.S. citizen or resident alien, 18 or older, with a Social Security number or Tax Identification Number (TIN), and U.S. street address can open an account, regardless of income level. Parents, grandparents, other family, and friends can open an account for anyone they choose. You do not have to be related to the beneficiary of your account.
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Who can contribute to a 529? Anyone can contribute to the same CollegeAdvantage account.
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Who can be a beneficiary? Any U.S. citizen or resident alien of any age with a Social Security Number can be named as the beneficiary of a CollegeAdvantage account. As the Account Owner, you can designate a child, adult, or even yourself as the beneficiary.
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What is Ugift®? Ugift is an innovative way to invite family and friends to save for school tuition by celebrating occasions, achievements, and events such as the Baptism of a child, First Confession, First Holy Communion, and Confirmation to name a few, with gift contributions to your Direct Plan account. To utilize Ugift, log in to your Direct Plan account.
- What are the tax savings for Ohio residents? iAll of the contributions made to your account grow tax-free and withdrawals are free from federal and state tax if used for qualified education expenses. In addition, State of Ohio taxpayers can deduct contributions up to $4,000 from their Ohio taxable income per beneficiary, per year, with unlimited carryover.
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