Ohio 529 Plans

Ohio offers two college savings plans, a direct sold plan called CollegeAdvantage 529 Savings Plan, and an advisor sold plan called Putnam CollegeAdvantage.

CollegeAdvantage 529 Savings Plan

CollegeAdvantage 529 Savings Plan is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.

Type:  Direct – this 529 plan can be sold directly through the state.

Fund Family:  Fifth Third Bank, Putnam Investments, and The Vanguard Group®

Minimums:  To get started you can deposit $500, and minimum subsequent contributions are $15.

Maximum Contributions:  Currently, you can contribute up to $321,000 to your Ohio 529 plan.  Of course, your total amount in the plan can be higher as your investments group.  529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits:  Good news for Ohio residents - by investing in your state's 529 plan, you can deduct up to $2,000 on your state income taxes. You also get the same benefit for federal income taxes.  Out-of-state participants still get the federal tax benefits.

Residency:  CollegeAdvantage 529 Savings Plan is open to all United States residents, not just those in Ohio. However, only Ohio residents are eligible for the Putnam Investment Options through the direct program. Non-residents can participate in the Putnam options through a financial advisor in the state in which you reside. 

You can learn more about this Ohio 529 plan at the official website http://www.collegeadvantage.com/.

Putnam CollegeAdvantage

Putnam CollegeAdvantage is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.

Type:  Advisor.  Please contact a financial advisor in your state for assistance. 

Fund Family:  Putnam Investments

Minimums:  The minimum initial contribution of $25 is currently being waived, and with payroll deduction and the automatic plan, minimum initial investment does not apply. Contact your advisor for the minimum subsequent contribution.

Maximum Contributions:  Currently, you can contribute up to $321,000 to your Ohio 529 plan.  Of course, your total amount in the plan can be higher as your investments group.  529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits:  Good news for Ohio residents - by investing in your state's 529 plan, you can deduct up to $2,000 on your state income taxes. You also get the same benefit for federal income taxes.  Out-of-state participants still get the federal tax benefits.

Residency:  Putnam CollegeAdvantage is open to all United States residents, not just those in Ohio.

You can learn more about this Ohio 529 plan at the official website https://www.putnam.com/individual/index.html?start=529.