HI529 - Hawaii 529 College Savings Plan

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HI529 - Hawaii 529 College Savings Plan

The HI529 College Savings Program (formerly known as the TuitionEDGE plan) was started by the state of Hawaii and is managed by Upromise Investments, Inc. The HI529 is available to anyone, but residents of Hawaii may find it more advantageous because the money grows state and federal income tax free and withdrawals for approved educational purposes are also tax free.

At the current time, Hawaii does not allow any state tax advantages or deductions for contributions to the HI529. As with other 529 plans, you may contribute up to $13,000 per year ($26,000 for married couples) without triggering any federal gift tax consequences.

The HI529 Savings Program allows several different investment choices. There is an age-based option which will move the assets from a more aggressive portfoliio when the beneficiary is younger to a more conservative as college age comes closer. There are also 5 Fixed Asset Allocation Options that allow you to tailor the account to your invetment ideas. Finally, there is also a Money Market Portfolio. There are no guarantees with these 529 investments. They can fluctuate up and down like any other stock or mutual fund investments.

For more information on the HI529 College Savings Plan, visit https://hi529.s.upromise.com/content/home.html. 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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