How much will college cost?

With your Edvest 529 account, you’re never locked in. You’ll always have access to several options for this money:

• Your funds can be used to pay for a variety of eligible education expenses, including at any accredited college, university, apprenticeships, community college or postgraduate plan in the United States—and even some schools abroad.¹
• Your 529 can be used for student loan repayment up a $10,000 lifetime limit per individual.¹
• Up to $10,000 annually can be used toward K-12 tuition (per student).¹
• You can transfer the funds to another eligible beneficiary, such as another child, a grandchild or yourself.
• If you just want the money back, you can withdraw the funds at any time. If funds are withdrawn for a purpose other than qualified higher education expenses, the earnings portion of the withdrawal is subject to federal and state taxes plus a 10% additional federal tax on earnings (known as the “Additional Tax”). See the Plan Description for more information and exceptions.
• Effective January 1, 2024, Account owners may roll money from an Edvest 529 account to a Roth IRA for the benefit of the 529 plan account beneficiary without incurring federal income tax or penalties (state tax treatment varies). For the rollover to be treated as a non-taxable event, certain conditions apply as referenced in Am I eligible to rollover funds from my 529 plan account to a Roth IRA?
• Or you can always wait because the funds never expire, and often the choice to go to school is a delayed decision. So, if your child changes their mind down the road, your account will still be available.

Footnotes

1. ¹Withdrawals for tuition expenses at a public, private or religious elementary, middle, or high school, registered apprenticeship programs, and student loans can be withdrawn free from federal and Wisconsin income tax. If you are not a Wisconsin taxpayer, these withdrawals may include recapture of tax deduction, state income tax as well as penalties. You should talk to a qualified professional about how tax provisions affect your circumstances. Apprenticeship programs must be registered and certified with the Secretary of Labor under the National Apprenticeship Act.↩

Your contributions will always be yours, and you do not need to be a resident of Wisconsin to open, contribute to or use an Edvest 529 account. Your Edvest 529 account can also be used for a range of qualified expenses in state, out of state and abroad. If you move to another state, you can keep your money invested and continue making contributions to your Edvest 529 account—no problem!

No. Your Edvest 529 funds can be used at any accredited university in the country—and even some abroad. This includes public and private colleges and universities, apprenticeships, community colleges, graduate schools and professional schools. Up to $10,000 annually can be used toward K-12 tuition (per student). In addition, your 529 can be used for student loan repayment up a $10,000 lifetime limit per individual.¹ Review a list of qualifying expenses and the state tax treatment of withdrawals for these expenses in the Plan Description.

Footnotes

1. ¹Withdrawals for tuition expenses at a public, private or religious elementary, middle, or high school, registered apprenticeship programs, and student loans can be withdrawn free from federal and Wisconsin income tax. If you are not a Wisconsin taxpayer, these withdrawals may include recapture of tax deduction, state income tax as well as penalties. You should talk to a qualified professional about how tax provisions affect your circumstances. Apprenticeship programs must be registered and certified with the Secretary of Labor under the National Apprenticeship Act.↩

Qualified higher education expenses include tuition, certain room and board expenses, fees, books, supplies and equipment required for the enrollment and attendance of the beneficiary at an eligible educational institution. This includes most postsecondary institutions. When used primarily by the beneficiary enrolled at an eligible educational institution, computers and related technology such as internet access fees, software or printers are also considered qualified higher education expenses.

Qualified higher education expenses also include certain additional enrollment and attendance costs at eligible educational institutions for any beneficiary with special needs.

Qualified higher education expenses also include (a) tuition in connection with enrollment or attendance at a primary or secondary public, private or religious school (up to a maximum of $10,000 of distributions per taxable year per beneficiary from all Section 529 plans)¹; (b) expenses for fees, books, supplies and equipment required for the participation of a beneficiary in a certified apprenticeship plan¹; and (c) amounts paid as principal or interest on any qualified education loan of either the beneficiary or a sibling of the beneficiary (up to a lifetime limit of $10,000 per individual).¹ Review the Plan Description for additional information, including the state tax treatment of withdrawals for these expenses.

Footnotes

1. ¹Withdrawals for tuition expenses at a public, private or religious elementary, middle, or high school, registered apprenticeship programs, and student loans can be withdrawn free from federal and Wisconsin income tax. If you are not a Wisconsin taxpayer, these withdrawals may include recapture of tax deduction, state income tax as well as penalties. You should talk to a qualified professional about how tax provisions affect your circumstances. Apprenticeship programs must be registered and certified with the Secretary of Labor under the National Apprenticeship Act.↩