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Type: Direct and Advisor. You may purchase this 529 plan directly if you are a South Dakota resident. Residents and non-residents can invest 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: The maximum contribution is $350,000 per beneficiary. 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. However, only South Dakota residents can invest directly. Others need to use a financial adviser.
You can learn more about South Dakota’s 529 plan at the official website.
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