The minimum contribution to open a PA 529 College career savings program has changed twice since July 2020, from a low of $ 10 to a now low of $ 1, according to the Pennsylvania Treasury.
Once a PA 529 account is opened, contributions can be any amount greater than $ 1. Contributions to PA 529 accounts can be submitted online by electronic bank transfer, by mail by check or money order, or by setting up an automatic deposit from a bank or paycheck.
PA 529 offers account holders tax benefits and a variety of plans to find the one that best suits their budget. Assets backed up in PA 529 accounts have no impact on Pennsylvania state financial aid eligibility.
PA 529 savings can be used to pay for tuition, as well as fees, equipment, books, accommodation and food, and other qualified higher education expenses.
PA 529 account holders can choose to save with the PA 529 (IP) Investment Plan or the PA 529 Guaranteed Savings Plan (GSP).
Both plans offer the same tax benefits, including a Pennsylvania state income tax deduction, no income tax paid annually on income, no income tax paid on growth when used for expenses. eligible, as well as tax benefits for gifts and estates in Pennsylvania.
To learn more, visit pa529.com.
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