Does DC have a 529?
Does DC have a 529?
The DC College Savings Plan is a tax-advantaged 529 college savings investment plan (named after Section 529 of the Internal Revenue Code) offered by the District of Columbia Government.
Are 529 contributions tax deductible in DC?
DC taxpayers who contribute to the DC College Savings Plan can deduct up to $4,000 in Plan contributions from their federal adjusted gross income each year on their DC tax return (up to $8,000 for married couples filing jointly if both own accounts).
Who manages DC 529 plan?
Ascensus College Savings Recordkeeping Services, LLC
What is the DC College Savings Plan? The DC College Savings Plan is a Section 529 plan offered by the Government of the District of Columbia (DC). Ascensus College Savings Recordkeeping Services, LLC (ACSR) serves as the Program Manager.
Can you lose money in a college fund?
You don’t lose unused money in a 529 plan. The money can still be used for post-secondary education, for another beneficiary who is a qualified family member such as younger siblings, nieces, nephews, or grandchildren, or even for yourself.
How much do I need to start a 529 account?
If all you can afford when you open your 529 plan is an initial contribution of $50 or $100, that’s fine; you can plan to build your account over time, contributing as much as you can afford. Many families start their 529 plan with small deposits at first, and every dollar added is less debt down the road.
Are there taxes on 529?
Although contributions are not deductible, earnings in a 529 plan grow federal tax-free and will not be taxed when the money is taken out to pay for college.
What if I have too much money in 529?
Saving too much in a 529 plan is an expensive mistake Money is invested and withdrawn tax-free if spent on qualified educational expenses. But if your savings exceed the cost, you may have to pay tax plus a 10% penalty on what’s leftover.
How to invest in the DC College Savings Plan?
For more information about The DC College Savings Plan (“the Plan”), call 800-987-4859, or visit www.dccollegesavings.com to obtain a Program Disclosure Booklet, which includes investment objectives, risks, charges, expenses, and other important information; read and consider it carefully before investing.
Is the DC College Savings Plan a 529 plan?
The DC College Savings Plan is sponsored by the Government of the District of Columbia. What can you use a 529 plan to pay for? K-12 tuition expenses at a private, public or parochial school (up to $10,000 per year per student.) For more info, click here
How does DC Tuition Assistance Grant ( dctag ) work?
The DC Tuition Assistance Grant (DCTAG) team is excited to share information with you about how you can use DCTAG to decrease the cost of college if you are an eligible DC student. Students and families should explore the eligibility information and frequently asked questions on the Students & Families page.
When was the District of Columbia Tuition Assistance Program created?
Background The DC Tuition Assistance Program (DCTAG) was created by Congress in 1999 by the District of Columbia College Access Act; PL 106-98 and amended by DC College Access Improvement Act 2002 and DC College Access Improvement Act 2007 to expand higher education choices for college-bound residents of the District of Columbia.