Open an Account Today
A 529 plan is an excellent way to save for college that also offers tax advantages and plenty of flexibility.ACT NOW! Open an account on or before December 31, 2018, for 2018 Illinois tax benefits.1 Contributions are eligible for the Illinois state income tax deduction ($10,000 individual and $20,000 married filing jointly).
What You’ll Need
Here are key items you will need to open your account.
- The Social Security number or taxpayer identification number of the account owner.
- The beneficiary’s name, Social Security number or taxpayer identification number, and their date of birth.
- How you want to fund the account. This can include a bank account or a one-time electronic funds transfer.
1Individuals who file individual Illinois state income tax returns can deduct up to $10,000 per tax year ($20,000 if filing jointly) for their total, combined contributions to the Bright Directions College Savings Program, the Bright Start College Savings Program, and CollegeIllinois! during that tax year. The $10,000 (individual) and $20,000 (joint) limit on deductions will apply to total contributions made without regard to whether the contributions are made to a single account or more than one account. The amount of any deduction previously taken for Illinois income tax purposes is subject to recapture in the event an Account Owner takes a Nonqualified Withdrawal from an Account or if such assets are rolled over to a non-Illinois 529 plan.
Continue your Bright Start 529 Plan enrollment. It’s quick and easy, and you can start contributing right away!