Type: Direct – this Kentucky 529 plan can be purchased directly.
Fund Family: TIAA-Cref
Minimums: To get started you can deposit $25. If you should choose to deduct automatically from your paycheck, you can open an account with a $15 deposit. Minimum subsequent contributions follow as above – $25 and $15 with payroll deduction.
Maximum Contributions: Currently, you can contribute to your Kentucky 529 plan until the aggregate balance per beneficiary reaches $235,000. 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: You get federal and state income tax benefits as you do not pay income tax on your earnings.
Residency: KESPT is open to all United States residents, not just those in Kentucky.
You can learn more about the this 529 plan at the official web site.
As of January 2010 the program is closed but will be reassessed on an annual basis.
For more information about Kentucky’s Affordable Prepaid Tuition visit the official website.
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