Wednesday, April 21

These are the 5 largest college savings plans in the country

Here are the five largest state plans based on assets under management as of June 30, 2018, according to the College Savings Plan Network.

1. Virginia’s CollegeAmerica: This 529 plan is advisor-sold and holds $64.2 billion in assets under management.

A bonus: Virginia taxpayers may deduct up to $4,000 per year in contributions with an unlimited carryforward to future tax years.

2. New York’s 529 College Savings Program Direct Plan: You can participate in this plan without the help of a financial advisor. Currently, this plan holds $24.2 billion in assets under management.

Empire State residents saving in the state’s plan may be able to deduct up to $5,000 a year in contributions — $10,000 if married and filing jointly — when they file state income taxes

3. The Vanguard 529 Plan in Nevada: This plan holds $17.9 billion in assets under management. It’s available directly to investors. Residents don’t get a tax deduction for contributions.

4. The UNIQUE College Investing Plan in New Hampshire: This direct-sold plan has $12.7 billion in assets under management. New Hampshire doesn’t offer a deduction for residents who contribute to the plan.

5. Utah’s My529: Rounding out the top five, this direct-sold plan holds $12.6 billion in assets under management.

Utah residents contributing to the state’s plan qualify for a 5 percent state income tax credit, provided they contribute at least $1,960 per qualified beneficiary (if single) or $3,920 if married and filing jointly.

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