Invest

Saving for an Education

College isn’t just for young adults anymore. Americans of all ages are seeking first degrees or advanced degrees. One thing is for certain, the cost of tuition isn’t going down, so wisdom dictates saving as soon as possible. Of your many saving options, 529 plans offer tax advantages, tight control of funds, low fees, and the parent/grandparent-owner can even change the beneficiary (especially handy if scholarships allow you to displace savings to another child or yourself).

Open with low starting minimums and choose your own monthly contribution. Here are some common questions.

Q: What does “529” mean?
A: 529 plans are named after the section of the Internal Revenue Code that created them. 

Q: How do I open a 529 account?
A: You may open an account by contacting your BankSouth Wealth Management financial advisor to start immediately.

Q: How much do I need to open a college savings plan?
A: We suggest starting with at least $2,500 and we can arrange regular supplemental contributions from your checking or savings accounts.

Q: What is the maximum I can contribute to a college savings plan?
A: Currently the maximum annual contribution a child can receive without having to file a Gift Tax return is $14,000 per year from one source. A 529 plan can be front-end loaded with 5 years of gifting, or $70,000 per source.

529 General Requirements
Investors should consider carefully the investment objectives, risks, charges and expenses of the municipal fund before investing. This, as well as other important information, is contained in the official statement. Please read it carefully before investing or sending money.
An investor’s home state may offer favorable tax treatment only for investing in a plan offered by such state. Withdrawals for non-qualified expenses may be subject to additional penalties and taxes. Consult your tax advisor regarding state and federal tax consequences of the investment.
Participation in a 529 Plan does not guarantee that the contributions and investment return will be sufficient to cover future higher education expenses. Investments involve risk and you may incur a profit or a loss.

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Investment Centers of America, Inc. (ICA), member FINRA/SIPC and a Registered Investment Advisor, is not affiliated with BankSouth Wealth Management and/or BankSouth. Securities, advisory services and insurance products offered through ICA and affiliated insurance agencies are *not insured by the FDIC or any other Federal Government agency *not a deposit or other obligation of, or guaranteed by any bank or their affiliates *subject to risks including the possible loss of principal amount invested. 

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