South Dakota 529 Plan

South Dakota offers one 529 college savings plan, a direct and advisor-sold plan called CollegeAccess 529.

CollegeAccess 529

CollegeAccess 529 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 and Advisor.  You may purchase this 529 plan directly or through a financial advisor in your state.

Fund Family:  Various

Minimums:  To get started you can deposit $250 or set up a payroll deduction or automatic monthly plan. With either of these alternative options, you may open an account by paying $50 a month. Minimum subsequent contributions are $50.

Maximum Contributions:  Currently, you can contribute up to $350,000 to your South Dakota 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:  There are no state income taxes in South Dakota; however, in and out-of-state participants get the federal tax benefits.

Residency:  CollegeAccess 529 is open to all United States residents, not just those in South Dakota.

You can learn more about South Dakota’s 529 plan at the official website http://www.collegeaccess529.com/.