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. This includes most postsecondary institutions. 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. 1 Review a list of qualifying expenses and the state tax treatment of withdrawals for these expenses in the Plan Description. In addition, your 529 can be used for student loan repayment up a $10,000 lifetime limit per individual. Up to $10,000 annually can be used toward K-12 tuition (per student). This includes public and private colleges and universities, apprenticeships, community colleges, graduate schools and professional schools. Your Edvest 529 funds can be used at any accredited university in the country-and even some abroad. But if you’d like to stick to one account, you can change beneficiaries at any time and at no additional cost. Multiple accounts can also aid in estate planning by ensuring that college funds are allocated appropriately to each beneficiary upon the death of the account owner. For example, adding the Principal Plus Interest Investment Portfolio can help preserve your funds until your student is ready for the next step in their education. This offers you more control to manage risk on your terms. Keep in mind: Edvest 529 allows you the flexibility to select multiple investment portfolios within each account. You may also prefer to pay college expenses first out of your highest growth account to maximize federal tax benefits and to encourage gift contributions from friends and family. For example, an older child’s account could be more conservatively invested to help protect your contributions as they near college, whereas a younger child’s account might be invested to balance growth and income strategies during a longer time frame. You might do this to align investment strategies with the time frame each child will begin using the funds. You could open a different account for each child. There’s no cost associated with opening an Edvest 529 account or owning more than one account. Apprenticeship programs must be registered and certified with the Secretary of Labor under the National Apprenticeship Act. You should talk to a qualified professional about how tax provisions affect your circumstances. If you are not a Wisconsin taxpayer, these withdrawals may include recapture of tax deduction, state income tax as well as penalties. 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.So, if your child changes their mind down the road, your account will still be available. Or you can always wait because the funds never expire, and often the choice to go to school is a delayed decision.See the Plan Description for more information and exceptions. 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”). If you just want the money back, you can withdraw the funds at any time.You can transfer the funds to another eligible beneficiary, such as another child, a grandchild or yourself.Up to $10,000 annually can be used toward K-12 tuition (per student).Your 529 can be used for student loan repayment up a $10,000 lifetime limit per individual.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. You’ll always have access to several options for this money: With your Edvest 529 account, you’re never locked in.
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