Who Can Open a College Savings Account?

You create a lasting legacy when you help your grandchildren attend college. Simply open a Learning Quest account with your grandchild as the beneficiary. You can start accounts for each of your grandchildren, no matter their ages. It's an impactful way to show you believe in their future... wherever their dreams take them!

There are multiple benefits to opening a 529 account, including:

• Easy to Use — Your child can use the funds at accredited higher education institutions anywhere in the United States such as 2- or 4-year college, vocational school or technical college, and graduate school. The funds may also be used at any K-12 education institutions. Your child does NOT need to attend college in your home state.
  
  You can use your 529 account to pay for tuition, mandatory fees, computers, books, supplies, equipment, and qualifying room and board costs. Expenses for K-12 are limited to tuition.
• Tax Advantages — Your earnings grow tax-deferred and qualified 529 withdrawals are tax-free. It's the smart way to save! Other tax benefits:
  • State income tax deduction: Check with your state for specific tax benefits. Many states offer a tax benefit even when investing in a plan from another state. For example, Kansas taxpayers receive an annual adjusted gross income deduction of up to $3,000 (or $6,000 if you're married and filing jointly) for contributions per child.
  • Federal gift tax incentive: You can contribute up to $18,000 per year ($36,000 if you're married and filing jointly) without incurring federal gift taxes.
  • Estate Planning & Accelerated Gifting — Reduce your personal taxable estate through accelerated gifting (learn more about accelerated gifting). This means you can make five years' worth of gifts up to $90,000 (or $180,000 if you're married and filing jointly) to your 529 account in a single year without being subject to gift taxes. This benefit is unique to 529 plans.

  The availability of tax or other state benefits (such as financial aid, scholarship funds and protection from creditors) may be conditioned on meeting certain requirements, such as residency, purpose for or timing of distributions, or other factors.

• Generous Contribution Limits — You can contribute up to $501,000 per grandchild.
• Retain Control — You determine when and where the account's assets are used.
• Easy to Manage — Log in and manage your account at any time on our secure web site. Get answers to your questions through our service line (800) 579-2203 or web site "Resources" tab, which includes forms, FAQs and other helpful materials. You also have the option of working with a financial advisor to manage your account and investment options.

Or, check out Ugift® and Upromise® — ways to give to an already established 529 account.

 

 

Is there a special niece, nephew, godchild or a friend's child you would like to help? Invest in their college education. It's one of the most impactful gifts any child can receive as it opens the door to unlimited opportunities.

You can open a Learning Quest account even if the parents or grandparents already have one for the same child, as long as the total contributions for that child do not exceed $501,000.

Here's what you need to know about opening an account:

• Name the child as the account's beneficiary. All you need is the child's name, date of birth and Social Security number or Tax ID number.
• Contribute as little or as much as you like in a one-time or recurring contribution.
• Retain control as the account owner. You can determine when and where the account's assets are used.
• Receive tax advantages. Your earnings grow tax-deferred and qualified withdrawals are tax-free. It's the smart way to save! Check with your state for specific tax benefits. For example, Kansas taxpayers receive an annual adjusted gross income deduction of up to $3,000 (or $6,000 if you're married and filing jointly) for contributions per beneficiary. Other gift tax incentives are also available.

Or, check out Ugift® and Upromise® — ways to give to an already established 529 account.

The availability of tax or other state benefits (such as financial aid, scholarship funds and protection from creditors) may be conditioned on meeting certain requirements, such as residency, purpose for or timing of distributions, or other factors.

 

Invest in YOU

Are you considering going back to school to earn a degree, receive additional certifications or training, or brush-up on your career skills? A Learning Quest account isn't just for kids. It offers a tax-advantaged method to invest in your own future. Make your dreams a reality! Here's what you need to know:

• Open a Learning Quest account with YOU as the beneficiary, no matter your age.
• Attend any accredited 2- or 4-year college, technical or vocational school or graduate school.
• Use your college savings account for any qualified expense, including tuition, mandatory fees, books, supplies and equipment.
• Receive tax advantages. Your earnings grow tax-deferred and qualified withdrawals are tax-free. It’s the smart way to save! Check with your state for specific tax benefits. For example, Kansas taxpayers receive an annual adjusted gross income deduction of up to $3,000 (or $6,000 if you’re married and filing jointly) for contributions per beneficiary.

The availability of tax or other state benefits (such as financial aid, scholarship funds and protection from creditors) may be conditioned on meeting certain requirements, such as residency, purpose for or timing of distributions, or other factors.

 

As an employer, it's important to offer a competitive suite of benefits, and keep adminstrative costs and HR/payroll department efforts to a minimum. With the Learning Quest 529 Education Savings Program, everyone can benefit. Your employees get to invest in higher education for themselves or their family members, while you get to boost your benefits package at no cost.

Learning Quest can be an easy way for your employees to start investing for higher education. They can sign up for payroll deduction online and with one form, you can begin to process their contributions. Through the Automated Clearing House (ACH) system, chances are your payroll/benefits department already has the necessary procedures in place.

For more information, call 877-345-0909.