The State of Georgia offers the Path2College 529 College Plan for families that have a desire to see their child, grandchild, or other loved one graduate from college when they become an adult. The 529 College Fund offered by the State of Georgia is a type of savings plan that assists in funding postsecondary education. Residents of any state may apply for the 529 College Plan offered by Georgia; however, it is important to understand that there could be tax advantages offered by the State of Georgia for residents that reside only in their state. There are numerous plans and options available in Georgia’s Path2College 529 College Plan. Best of all, there is no income limits or age restrictions associated with participation with these plans. Continue reading for information that could change your life and the lives of those you love the most.
When setting up a 529 College Fund, you will find that the construction of the plan takes a certain amount of planning and time. The State of Georgia offers seven different options for investments when it comes to postsecondary education 529 plans. All of the options vary immensely as far as the strategy of investment and the level of risk involved. This allows you to choose one option or more than one option that appropriately meets your needs. The options you may choose from include the following:
- Managed Allocation
- Aggressive Managed Allocation
- Money Market
- 100% Equity
- 100% Fixed Income
- Balanced Fund
Requirements to Open an Account with the Path2College 529 College Plan
Anyone that has a Taxpayer Identification Number or a Social Security Number may open a Path2College 529 Plan in the State of Georgia, on the behalf of any type of beneficiary. In addition to possessing these specially-issued numbers, the individual opening the account must be a Citizen of the United States or a resident alien. Furthermore, an estate and/or a trust may also be used to open this type of college savings account.
Qualified Educational Expenses
The Georgia Path2College 529 College Plan may be used towards a number of qualified educational expenses. These expenses include the tuition that is incurred at an educational facility, the fees of that education, the costs associated with the textbooks and workbooks, the supplies that are necessary for the schooling, as well as any necessary equipment that is required for a student to attend a school where the funds will be utilized. When you elect to withdraw money from your account, you must request that withdrawal on the internet. It will then be placed within your bank through the Automated Clearing House. If non-qualified withdrawals are made, you may be subject to income taxes from the State of Georgia and an extra federal tax of 10%. If you want or need money for college, the Georgia Path2College 529 College Plan is an excellent means of acquiring the funds that are necessary for postsecondary education. For more information, visit 529 College Savings Plan today or contact online by visiting the following link:http://529planbystate.com/contact