Illinois 529 college savings plans
E892091
Illinois 529 college savings plans are state-sponsored, tax-advantaged investment programs that help families save and pay for future education expenses.
Observed surface forms (2)
| Surface form | Occurrences |
|---|---|
| Bright Directions Advisor-Guided 529 College Savings Program | 0 |
| Bright Start Direct-Sold College Savings Program | 0 |
Statements (47)
| Predicate | Object |
|---|---|
| instanceOf |
529 college savings plan
ⓘ
529 college savings plan ⓘ 529 college savings plan program ⓘ state-sponsored education savings program ⓘ |
| accountOwnerEligibility | U.S. person with valid taxpayer identification number ⓘ |
| accountOwnerRetainsControl | true ⓘ |
| administeredBy | Illinois State Treasurer NERFINISHED ⓘ |
| beneficiaryCanBeChanged | true ⓘ |
| beneficiaryEligibility | U.S. citizen or resident alien with Social Security number or taxpayer identification number ⓘ |
| canBeUsedAt |
eligible colleges and universities nationwide
ⓘ
many eligible institutions outside the United States ⓘ |
| contributionLimitType | no annual federal contribution limit but subject to gift tax rules ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| eligibleUse |
books and supplies
ⓘ
certain K-12 tuition (subject to federal limits) ⓘ certain apprenticeship program expenses ⓘ fees ⓘ qualified higher education expenses ⓘ room and board ⓘ student loan repayment (subject to federal limits) ⓘ tuition ⓘ |
| federalLawFramework | Internal Revenue Code Section 529 NERFINISHED ⓘ |
| feeTypes |
advisor fees for advisor-sold plan
ⓘ
program management fees ⓘ underlying fund expenses ⓘ |
| hasComponentPlan |
Bright Directions Advisor-Guided 529 College Savings Program
GENERATED
ⓘ
Bright Start Direct-Sold College Savings Program GENERATED ⓘ |
| investmentOptionsInclude |
age-based portfolios
ⓘ
individual fund options ⓘ static portfolios ⓘ |
| lifetimeContributionLimit | plan-specific aggregate limit per beneficiary ⓘ |
| marketingName |
Bright Directions
NERFINISHED
ⓘ
Bright Start NERFINISHED ⓘ |
| minimumContribution | plan-specific minimum initial and subsequent contribution requirements ⓘ |
| penaltyOnNonqualifiedWithdrawals | federal income tax on earnings plus additional 10 percent federal tax on earnings (subject to exceptions) ⓘ |
| primaryPurpose | saving for future education expenses ⓘ |
| residencyRequirementToOpen | none for Bright Start ⓘ |
| residencyRequirementToReceiveStateTaxBenefits | Illinois residency required ⓘ |
| risk | subject to market risk and possible loss of principal ⓘ |
| sponsoredBy | State of Illinois NERFINISHED ⓘ |
| state | Illinois ⓘ |
| taxAdvantaged | true ⓘ |
| taxTreatmentFederal |
earnings grow tax-deferred
ⓘ
qualified withdrawals are tax-free ⓘ |
| taxTreatmentState | Illinois state income tax deduction for contributions (subject to limits) ⓘ |
| website |
https://www.brightdirections.com
ⓘ
https://www.brightstart.com ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.