Arizona 529 College Savings Plan


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Arizona 529 College Savings Plan

Arizona Family College Savings Program (AFCSP)

The Arizona College Savings Program was established under the Section 529 of the Internal Revenue Code. There are no in-state restrictions, so the proceeds can be used at any eligible college, university or vocational school. The plan is not restricted to Arizona residents, but they are able to take advantage of a $750 state tax deduction or $1500 for those filing jointly. Several other states allow state tax deductions as well, including Kansas, Montana, Pennsylvania and Maine. Additionally, distributions from the Arizona 529 accounts are federal and state income tax free. As with other 529 savings plans, neither the investment made nor the income return are insured and your balances may rise or fall.

The Arizona program allows for several types of investments. You can also open an account with one of the direct-sold programs. At this time Fidelity Investments and College Savings Bank run these. There is also an advisor run program administered by Waddell & Reed. You can get more information about these programs at http://www.az529.gov and clicking on Investment Options.

The Arizona Family College Savings Program (AFCSP) also provides access to the CollegeSure CD, a certificate of deposit insured for up to $100,000 by the FDIC and offered by College Savings Bank. The interest earned is tax deferred and taw exempt if used for approved educational purposes. The CollegeSure CD is tied to the rate of inflation of college costs. Get more information at http://www.collegesavings.com/csb/. You should also check with a financial advisor and tax advisor to see if a 529 investment is right for you.

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