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529 Plans by State 2024

529 Plans by State 2024

Paying for college can be a struggle for anyone. With tuition costs on the rise, as well as other associated expenses including books, lab fees, and room and board, students and families across the nation are looking at ways to reduce this financial burden without having to turn to student loans. While grants and scholarships are always a great option, many families start saving for their children’s education through a 529 plan. Each state has its own plan which offers advantages to families who save for their children’s education. While this once just applied to colleges, the Tax Act of 2017 now allows contributions to be used toward primary and secondary school expenses.

Parents aren’t the only ones that can take advantage of a 529 plan. Grandparents, aunts, uncles, and others can contribute to a 529 plan to help cover educational expenses. There are two different types of plans to consider: a 529 college savings plan that allows you to invest and withdraw tax-free to cover educational expenses, and prepaid plans that let you lock in current tuition rates for in-state public schools. Many states offer state income tax benefits when a person contributes to a state-sponsored plan. A handful of states even give tax benefits for plans from other states.

The minimum contribution varies by state, with the highest minimum contribution being $250. Other states have no minimum contributions. Those states are Alabama, Florida, Illinois, Missouri, Nebraska, New York, Rhode Island, South Carolina, Utah, and West Virginia. Of all 50 states, Wyoming is the only one that doesn’t have a state plan.

States That Offer Tax Benefits

These states offer tax benefits to in-state contributors for 529 savings plans.

  • Alabama (CollegeCounts 529 Plan)
  • Alaska (University of Alaska College Savings Plan)
  • Arkansas (GIFT College Investing Plan)
  • Colorado (CollegeInvest Direct Portfolio College Savings Plan)
  • Connecticut (Connecticut Higher Education Trust)
  • Hawaii (Hawaii's College Savings Program)
  • Idaho (Ideal College Savings Program)
  • Illinois (Bright Start College Savings Program)
  • Indiana (CollegeChoice 529 Direct Savings Plan)
  • Iowa (College Savings Iowa 529 Plan)
  • Kentucky (KY Saves 529 Education Savings Plan Trust)
  • Massachusetts (Massachusetts U.Fund College Investing Plan)
  • Michigan (Michigan Education Savings Program)
  • Minnesota (Minnesota College Savings Program)
  • Mississippi (Mississippi Affordable College Savings)
  • Nebraska (Nebraska Education Savings Trust - Direct College Savings Plan)
  • New Jersey (NJ BEST College Savings Plan)
  • Ohio (Ohio CollegeAdvantage 529 Savings Plan)
  • Oklahoma (Oklahoma College Savings Plan)
  • Oregon (Oregon College Savings Plan)
  • Rhode Island (CollegeBound Fund)
  • South Carolina (Future Scholar 529 College Savings Plan)
  • Utah (Utah my529 Educational Savings Plan)
  • Vermont (Vermont Higher Education Investment Plan)
  • Virginia (Virginia inVEST)
  • West Virginia (SMART529 WV Direct College Savings Plan)

The states that offer benefits for any state plan are Arizona (Arizona Family College Savings Program), Kansas (Learning Quest 529 Education Savings Program), Missouri (MOST 529 College Savings Plan), Montana (Montana Family Education Savings Program), and Pennsylvania (PA 529 and PA ABLE).

States That Do Not Offer Tax Benefits

  • Florida (Florida 529 Savings Plan)
  • Nevada (Navigate College Savings Plan)
  • New Hampshire (UNIQUE College Investing Plan)
  • Texas (Texas College Savings Plan)
  • Washington (DreamAhead College Investment Plan)

529 Plans by State 2024

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State
529 Plan Name
529 Plan Tax Benefits for In State Contribs
AlabamaCollegeCounts 529 PlanYes
AlaskaUniversity of Alaska College Savings PlanYes
Arizona529 Able PlanYes
ArkansasGIFT College Investing PlanYes
CaliforniaScholarShare College Savings PlanNo
ColoradoCollegeInvest Direct Portfolio College Savings PlanYes
ConnecticutConnecticut Higher Education TrustYes
DelawareDE529 Education Savings PlanYes
District of ColumbiaDC 529 College Savings ProgramYes
FloridaFlorida 529 Savings PlanNo
GeorgiaPath2College 529 PlanYes
HawaiiHawaii's College Savings ProgramYes
IdahoIdeal College Savings ProgramYes
IllinoisBright Start College Savings ProgramYes
IndianaCollegeChoice 529 Direct Savings PlanYes
IowaCollege Savings Iowa 529 PlanYes
KansasLearning Quest 529 Education SavingsYes
KentuckyKY Saves 529 Education Savings Plan TrustYes
LouisianaSTART Savings ProgramYes
MaineNextGEN College Investing PlanYes
MarylandMaryland529Yes
MassachusettsMassachusetts U.Fund College Investing PlanYes
MichiganMichigan Education Savings ProgramYes
MinnesotaMinnesota College Savings ProgramYes
MississippiMississippi Affordable College SavingsYes
MissouriMOST - Missouri's 529 Education PlanYes
MontanaAchieve MontanaYes
NebraskaNebraska Education Savings Trust - Direct College Savings PlanYes
NevadaNavigate College Savings PlanNo
New HampshireUNIQUE College Investing PlanNo
New JerseyNJ BEST College Savings PlanYes
New MexicoThe Education PlanYes
New YorkNew York's 529 College Savings ProgramYes
North CarolinaCarolina Foundation of North CarolinaNo
North DakotaCollege SAVEYes
OhioOhio CollegeAdvantage 529 Savings PlanYes
OklahomaOklahoma College Savings PlanYes
OregonOregon College Savings PlanYes
PennsylvaniaPA 529 and PA ABLEYes
Rhode IslandCollegeBound FundYes
South CarolinaFuture Scholar 529 College Savings PlanYes
South DakotaCollege Access 529No
TennesseeTN Stars College Savings 529 ProgramNo
TexasTexas College Savings PlanNo
UtahUtah my529 Educational Savings PlanYes
VermontVermont Higher Education Investment PlanYes
VirginiaVirginia inVESTYes
WashingtonDreamAhead College Investment PlanNo
West VirginiaSMART529 WV Direct College Savings PlanYes
WisconsinEdvest College Savings PlanYes
WyomingNo State PlanNo
showing: 51 rows

How many states are offering tax benefits for 529 plans?

41 states are offering tax benefits for 529 plans.

Frequently Asked Questions

Sources