Roll funds into Bright Start

Rollover an out-of-state 529 Plan into Bright Start

Rolling an out-of-state 529 plan into Bright Start is an easy process that can provide attractive benefits. As you look into the potential for a rollover, be sure to compare Bright Start with your existing 529 plan.

Three Great Benefits of Rolling Over to Bright Start:

  1. The State of Illinois offers an income tax deduction of up to $10,000 ($20,000 if filing jointly) for contributions to Bright Start. The Illinois Administrative Code provides that in the case of a rollover from a non-Illinois qualified tuition program, the amount of the rollover that is treated as a return of the original contribu­tion to the prior qualified tuition program (but not the earnings portion of the rollover) is eligible for the deduction for Illinois individual income tax purposes.

  2. Bright Start is “Gold-rated” by Morningstar as one of the best plans in the industry.

  3. The program offers 11 quality fund families.

Three Easy Steps to Completing a Rollover:

  1. Review your existing out-of-state 529 with your tax professional. Consider any surrender charges or penalties the out-of-state 529 plan may impose.

  2. If you don’t have a Bright Start account, you will need to establish one.

  3. Complete the Rollover Form.
    1. Obtain a Medallion Signature Guarantee on the form.
    2. Attach a copy of the latest statement from your out-of-state 529 plan.
    3. Mail the form to Bright Start, and let us handle the rest.
Rollover Form