It's never too early to start planning for college.
The 529 is an excellent college savings plans.
As parents, you want the best for your children. With tuition costs and student loan debt growing to unprecedented levels, saving ahead of time can make a big difference for you and your children! Starting as early as possible is key! Contact Interra to learn about programs to help save for higher education.
How does a 529 college savings plan work?
A 529 college savings plan is a specialized savings account used to save money for college. 529 plans work similar to a Roth IRA, in that contributions are made with after-tax dollar and earnings accumulate tax-deferred. The money in a 529 plan may be used for college tuition and K-12, tax-free1.
What happens to a 529 if not used for education?
If money is taken out of a 529 plan for any purpose other than education, the account owner may have to pay both income taxes on the earnings and a 10% penalty on all the money withdrawn from the plan1.
529 College Savings Plan
- Available to Indiana residents only.
- Earn, tax-free1.
- Receive a 20% state tax credit, up to 1,0001.
1Consult with your tax adviser.
