The future is not far away. Saving for college can be one of the most important decisions that any parent makes. This is why you want a plan that can help you make the most of your education saving dollars. The North Dakota 529 college savings plan gives you the flexibility to save your own pace, and offer the greatest opportunities to make the savings process as easy as possible.
The North Dakota SAVE 529 college savings plan does all that and more. The North Dakota college savings plan was designed to help families invest now for tomorrow’s college costs. There are many different benefits their associated with the SAVE 529 plan. Here are some of the advantages to opening up one of these great savings accounts.
North Dakota 529 College Savings Plans Tax Advantages
The tax benefits of the 529 savings plan help your money go further when it comes to investing in your child’s future tuition costs. Over the life of the account your earnings will grow tax-deferred. This means all the money that you make with your account portfolio can be reinvested to increase the amount of contributions that you make. Qualify withdrawals are also federal income tax-free as well as state income tax-free.
North Dakota residents can deduct $10,000 per year if they filed jointly. Single parents can deduct $5000 from their state taxable income or qualified contributions. Gift taxes can be another great way for parents to save money. You can contribute up to $13,000 for a single parent or $26,000 annually if married per beneficiary. This helps speed up the savings process. The more money that you invest early on helps you compound more gains later on in the process. Relatives can also participate in benefit from the gift tax advantage. All they have to do is make contributions into your SAVE 529 college savings account.
Account Flexibility and the North Dakota 529 College Savings Plan
When you participate in the College SAVE program you can make as many contributions as you can afford. There are no income limits and does not matter how much money you earn. Anyone with a so security number or a tax ID can be a designated beneficiary. The money that you invest in the College SAVE 529 plan can be used to pay for eligible higher education expenses. This includes public and private colleges and universities, graduate schools, and technical schools.
Account flexibility lets you pay for tuition costs, books, school equipment, and other qualified educational expenses. In many cases there are many other expenses in college other than tuition costs. The 529 college savings plan takes this into consideration and let’s parents save for all the expenses that their children may incur while attending a university.
The North Dakota 529 college savings plan is one of the best programs in the country. This plan offers the flexibility that parents need to save money fast. You will have full control of your account as well as how your money is invested. Account can be opened with as little as $25 and minimal contributions. Take advantage of the many benefits that exist with the North Dakota SAVE 529 plan.