Saving for College the Smart way - 529 Plans          

 

West Virginia 529 Plans

West Virginia offers three 529 college savings plans, collectively known ask SMART529 plans.  Two of the plans are direct-sold called SMART529 WV Direct and SMART529 Select and one is an advisor-sold plan called The Hartford® SMART529®.

SMART529 WV Direct

SMART529 West Virginia Direct 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 purchased directly through the state.

Fund Family:  Various

Minimums:  To get started you can deposit $50 or set up an automatic monthly plan for $15.  No minimum subsequent contribution applies.

Maximum Contributions:  Currently, you can contribute until your balance reaches $265,620 in your West Virginia 529 plan accounts.  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 West Virginia residents – by investing in your state’s 529 plan, every dollar contributed can be deducted from your adjusted gross income.  You also get federal income tax benefits as you do not pay income tax on your earnings.

Residency: SMART529 WV Direct is only open to West Virginia residents.  However, the other SMART529 plans below are open to other residents.

You can learn more about this West Virginia 529 plan at the official website.

 

SMART529 Select

SMART529 Select 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 – you can purchase this plan directly through the state. 

Fund Family: Dimensional Fund Advisors

Minimums:  To get started you can deposit $250 ($50 for West Virginia residents). Minimum subsequent contributions are $25 (no minimum for West Virginia residents).

Maximum Contributions:  Currently, you can contribute until your balance reaches $265,620 in your West Virginia 529 plan accounts.  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:  By investing in your state’s 529 plan, every dollar contributed can be deducted from your adjusted gross income.  You also get federal income tax benefits as you do not pay income tax on your earnings.  Out-of-state participants still get the federal tax benefits.

Residency:  The SMART529 Select is open to residents of all states. 

You can learn more about this West Virginia 529 plan at the official website.


The Hartford® SMART529®

The Hartford® SMART529® 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 find a financial advisor in your state for assistance.

Fund Family:  Various

Minimums:  To get started you can deposit $250 ($50 for West Virginia residents). Minimum subsequent contributions are $25 (no minimum for West Virginia residents).

Maximum Contributions:  Currently, you can contribute until your balance reaches $265,620 in your West Virginia 529 plan accounts.  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:  By investing in your state’s 529 plan, every dollar contributed can be deducted from your adjusted gross income.  You also get federal income tax benefits as you do not pay income tax on your earnings.  Out-of-state participants still get the federal tax benefits.

Residency:  The Hartford® SMART529® is open to residents of all states.

You can learn more about this West Virginia 529 plan at the official website.

Need Help?

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