Who can contribute to an account?
Contributions can be made by anyone, regardless of their income; however, only the participant can determine how the assets are invested or used, and only the participant is entitled to certain tax benefits. Contributions by check must be made payable to College SAVE, must include your account number, and should be accompanied by either the perforated form attached to a previous statement, confirm or an Additional Purchase Form.
A. Generally, anyone can make a contribution to an account for any beneficiary. However, you should contact the 529 plan of your choice to determine any restrictions that may apply. You may find that you will only be eligible for specific state tax incentives by being recognized as the account owner. Q. What are the most common investment options offered by Section 529 savings / investment plans? A. The most common investment option is the age-based allocation strategy in which the age of the beneficiary determines the specific mix of investments. As the child ages, your investment mix is automatically reallocated and becomes more conservative as the beneficiary approaches college. There are many other options available, including 100% equity funds, fixed income funds, stable value funds, as well as a variety of equity and fixed income options within many plans. Some states offer guaranteed or principal protected options, as well as FDIC insured bank options. Q. Can you change investme
