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Document Identification
Title
Comparison of Selected College Savings Vehicles (2005, September)
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- Comparison of college savings programs (Comparison9-2005.pdf)
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Description
Bright Start is a Section 529 College Savings Program created to help you save for college.The Program offers special tax advantages, flexibility and professional management. Earnings and qualified withdrawals are free from federal income taxes. If you are an Illinois resident, you will receive additional state tax benefits, including the ability to deduct your contributions from your Illinois state taxable income.
Subject Classification
- Education: Educational finance
- Education: Higher education
- Education: Students: College students
- Government finance and taxes: Educational finance
Sample text from the file
.Description Who CanInvest? IncomeLimit MaximumAge Limit How Can Funds Be Used? Where Can FundsBe Used? Maximum Contribution Limit State Tax Deductibility of Contributions Tax Treatment on Earnings4 Tax Treatment ofWithdrawals Gift TaxTreatment Controlof Funds Ability to ChangeBeneficiaries Choice of Investment Options Tax Treatment of Non-Qualified Withdrawals Bright Start(R) Section 529College Savings Program State-sponsored,tax-advantaged educationsavings vehicle used forqualified higher educationexpenses. Anyone(relative or non-relative)who is U.S. citizen orresident alien. None None Higher Education:tuition, fees, room and board,books and required suppliesand equipment. Any educational institutioneligible to receive Title IV funds: colleges, universities,graduate schools, community colleges, vocational andtechnical schools. Includes some schools located out-side of U.S.* $235,000 in aggregate for allaccounts for the samebeneficiary. Yes. $10,000 for Illinoisindividual taxpayer ($
Issuing Agency
Illinois
Office of the State Treasurer
Program: Bright Start College Savings Program
Contact
Organization: Office of the State Treasurer
IL
Phone: 1-877-432-7444
Document Descriptive Information
File Data
- Language(s): EN-English
- Creation Date (from issuing agency): 08 25 2005
- Document Modification Date (from issuing agency): 08 25 2005
- Date Accepted Into Depository: Fri, 9 Mar 2007 21:04:58 GMT
- Checksum Algorithm: MD5 SHA1
- Document File Checksum:
- Comparison9-2005.pdf - checksum='3823bca7cc1a0b3ba4a1b17ccb365903' byte count= '140783'