Type: Direct – this 529 plan can be purchased directly through the state.
Fund Family: Various
Minimums: To get started you can deposit $25 in your NC 529, and minimum subsequent contributions are also $25.
Maximum Contributions: You can contribute until your account balance hits $400,000 in your North Carolina 529 plan. Of course, your total amount in the plan can be higher as your investments grow. North Carolina adjusts its limit annually based on the cost of four years of undergraduate and three years of graduate or professional study at the most expensive institution.
Tax Benefits: Good news for North Carolina residents – by investing in a NC 529 plan, you can deduct up to $2,500 on your state income taxes for single filer and $5,000 for married filers. 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.
Other Benefits: Through your North Carolina’s National College Savings Program, you have the option to be a part of a reward program set up by Upromise®. By making purchases with your card, the reward program offers a percentage of purchases that convert into rewards points, and ultimately convert into account contributions.
Residency: North Carolina’s National College Savings Program is open to all United States residents, not just those in North Carolina.
You can learn more about North Carolina’s 529 plan at the “official website”https://www.cfnc.org/save/save.jsp.
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