529 Plans

A 529 plan is a college savings account .  Any growth is not taxed while in the account. The funds are withdrawn tax-free (including growth in the account) when used for qualified education expenses. Illinois offers an income tax deduction for 529 contributions up to $10,000 individually, $20,000 jointly.

Qualified education expenses include tuition, fees, books, supplies and equipment including computers, software, room and board, and other expenses.

There are a wide variety of plans, with different investment strategies. There should be a investment option that suits your needs.

Morningstar rates College 529 plans nationally.   Bright Start Illinois is one of only four states that has earned the Morningstar Gold rating for fees and performance.

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