Are 529 contributions tax deductible in Indiana?

A. Yes. Any Indiana taxpayer who contributes to a CollegeChoice 529 Plan is eligible to receive the tax credit.

Does Indiana have a 529 plan?

CollegeChoice 529 Savings Plan is administered by the Indiana Education Savings Authority. Ascensus Broker Dealer Services, LLC, serves as the program manager and provides investment advisory, recordkeeping and administrative services. The program allows users to save money for post-secondary expenses.

Should I use a financial advisor for 529 plan?

You won’t need a financial advisor for your 529 plan if you are comfortable making investment decisions on your own. (And most financial advisors won’t want to sell you a 529 plan if that is all you’re asking them to do. The commissions are not worth all the time and effort it requires.)

What happens to a 529 if no college?

What Happens if My Child Doesn’t Go to College? Withdrawals from a 529 plan must be for legitimate education-related expenses, or will result in a 10% penalty tax on the money you take out. Plus, you’ll be responsible for federal and state income tax on the earnings.

Does Edward Jones do 529 plans?

529 plans offer account owner tax advantages, flexibility and control. Your Edward Jones financial advisor can help you determine how a 529 plan might work with your overall financial strategy, as well as think through specific questions you might have: Is a 529 plan a good fit for you?

What is a good expense ratio for a 529?

Passively-managed index funds, with expense ratios generally below 0.15%, have become commonplace in direct-sold 529 plans. Actively-managed funds have higher expense ratios, sometimes exceeding one percent.

Can 529 beneficiary be changed from a child to grandchild?

If a grandparent owns the account for the benefit of a grandchild, they can change the beneficiary to another grandchild, a grandniece or nephew, or the child’s parents, without tax consequences. They must, however, follow the gift tax rules detailed in the generation-skipping transfer tax.