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Type: Direct – this 529 plan can be purchased directly from the state.
Fund Family: The Vanguard Group®
Minimums: The minimum initial or subsequent contributions are $25.
Maximum Contributions: Currently, you can contribute until your combined balances reach $368,600 in your Pennsylvania 529 plans. 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 Pennsylvania residents – by investing in your PA 529 plan, you can deduct up to $14,000 on your state income taxes for single filer and $28,000 for married filers per beneficiary. 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 Pennsylvania Direct Plan, 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. Also, if either the account owner or beneficiary was a Pennsylvania resident at the time of opening, these eligible accounts can earn tuition discounts through the SAGE Scholar’s Program that your Beneficiary may use if he or she attends one of the more than 190 private colleges nationwide.
Residency: Pennsylvania Direct Plan is open to all United States residents, not just those in Pennsylvania.
You can learn more about this Pennsylvania PA 529 Investment Plan plan at the official website.
For more information about Pennsylvania Guaranteed Savings Plan visit the official website.
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