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- There can only be one Account Owner per account, but you can open as many accounts as you want.<\/li>\n
- The same applies to Beneficiaries – only one per account, but you can open as many accounts for as many Beneficiaries as you like. Or multiple accounts for the same Beneficiary.<\/li>\n
- Account Owners and Beneficiaries do not have to be Colorado residents; we\u2019re all-inclusive.<\/li>\n
- Anyone, anywhere can contribute to your accounts. In fact, you should encourage family and friends to contribute to your accounts in place of material gifts on special holidays. If they are Colorado taxpayers, they are eligible for the Colorado state tax deduction for their contributions.<\/li>\n<\/ul>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”FAQ No Background” module_class=”faq-wrapper” _builder_version=”4.16″ background_enable_image=”off” da_disable_devices=”off|off|off” collapsed=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” animation_style=”slide” animation_direction=”bottom” collapsed=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text admin_label=”Headline” module_class=”headline” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
Frequent questions about age or income requirements<\/h2>\n
[\/et_pb_text][cumo_faq_item question=”Do I have to turn over my savings to my child or granddaughter when they turn 18 or 21?” icon=”<\/i>” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
No, you are not required to do anything of the sort.<\/p>\n
You can pay the expenses directly.<\/p>\n
You can have the Plan Manager pay expenses directly (check with your Plan Manager).<\/p>\n
At your discretion, you can withdraw the funds and have the student pay the expenses. But we suggest you keep a record of the receipts to avoid any tax penalties for nonqualified expenses.<\/p>\n
[\/cumo_faq_item][cumo_faq_item question=”My Son is now 26 and out of school. What can I do with the remaining savings?” icon=”<\/i>” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
You can change the Beneficiary to someone else in your family who may be able to use them.<\/p>\n
You can name yourself as the Beneficiary and use the savings for yourself (try an eligible cooking or art school).<\/p>\n
Or, withdraw the funds but you are now subject to federal and state income taxes on the earnings and a 10% federal penalty on the earnings.<\/p>\n
[\/cumo_faq_item][et_pb_button button_url=”\/faqs” button_text=”browse all faqs” button_alignment=”left” admin_label=”Button Light Blue” module_class=”button light-blue” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”More Benefits” module_class=”benefits-all-section more-benefit” _builder_version=”4.16″ background_image=”https:\/\/www.collegeinvest.org\/wp-content\/uploads\/2021\/08\/sidebar-remove-line.png” da_disable_devices=”off|off|off” collapsed=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row module_class=”benefits-headline” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” animation_style=”slide” animation_direction=”bottom” collapsed=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text admin_label=”Headline” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
More 529 plan benefits:<\/h2>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,1_3,1_3″ module_class=”slider-more-benefits” _builder_version=”4.16″ _module_preset=”default” animation_style=”slide” animation_direction=”bottom” collapsed=”off” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.collegeinvest.org\/wp-content\/uploads\/2021\/09\/Benefit-Check.png” alt=”Green checkmark icon” title_text=”Benefit-Check” url=”https:\/\/www.collegeinvest.org\/529-savings-plan-benefits\/529-plan-flexibility\/” admin_label=”icon” module_class=”benefits-icon-check” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][et_pb_text admin_label=”Content” module_class=”benefits-col-content h2-light p-big-light” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
Flexibility<\/a><\/h2>\n
When we talk with parents and grandparents about saving for college, flexibility is at the top of their concerns. It\u2019s also the most inherent benefit of 529 savings plans.<\/p>\n
[\/et_pb_text][et_pb_button button_url=”https:\/\/www.collegeinvest.org\/529-savings-plan-benefits\/529-plan-flexibility\/” button_text=”learn more” admin_label=”Button White” module_class=”button white” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.collegeinvest.org\/wp-content\/uploads\/2021\/09\/Benefit-Check.png” alt=”Green checkmark icon” title_text=”Benefit-Check” url=”https:\/\/www.collegeinvest.org\/529-savings-plan-benefits\/529-plan-tax-advantages\/” admin_label=”icon” module_class=”benefits-icon-check” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][et_pb_text admin_label=”Content” module_class=”benefits-col-content h2-light p-big-light” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
Tax Benefits<\/a><\/h2>\n
For Colorado taxpayers, contributions to any CollegeInvest 529 account can be deducted from your Colorado state income tax return. Your earnings grow free of federal and state taxes.<\/p>\n
[\/et_pb_text][et_pb_button button_url=”https:\/\/www.collegeinvest.org\/529-savings-plan-benefits\/529-plan-tax-advantages\/” button_text=”learn more” admin_label=”Button White” module_class=”button white” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.collegeinvest.org\/wp-content\/uploads\/2021\/09\/Benefit-Check.png” alt=”Green checkmark icon” title_text=”Benefit-Check” url=”https:\/\/www.collegeinvest.org\/529-savings-plan-benefits\/529-plan-savings-account-control\/” admin_label=”icon” module_class=”benefits-icon-check” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][et_pb_text admin_label=”Content” module_class=”benefits-col-content h2-light p-big-light” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
Control<\/a><\/h2>\n
You as the Account Owner control the number of accounts, the Beneficiaries, how much to save, what you pay for and when, and more. With the flexibility to change any of these when YOU want to.<\/p>\n
[\/et_pb_text][et_pb_button button_url=”https:\/\/www.collegeinvest.org\/529-savings-plan-benefits\/529-plan-savings-account-control\/” button_text=”learn more” admin_label=”Button White” module_class=”button white” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row admin_label=”Swipe to see more” module_class=”skip-check-list-row white” _builder_version=”4.16″ _module_preset=”default” animation_style=”slide” animation_direction=”bottom” collapsed=”on” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][et_pb_row module_class=”more-benefits-footer” _builder_version=”4.16″ _module_preset=”default” animation_style=”slide” animation_direction=”bottom” collapsed=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_button button_url=”https:\/\/www.collegeinvest.org\/529-savings-plan-benefits\/” button_text=”back to all benefits” admin_label=”Button Deep Cerulean Blue” module_class=”button deep-cerulean btn-large” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][et_pb_text admin_label=”Footnotes” module_class=”foot-notes background” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
Investment returns are not guaranteed, and you could lose money, including principal.<\/p>\n
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