North Dakota 529 College Savings Plan


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North Dakota 529 College Savings Plan

The CollegeSave 529 plan for North Dakota allows your investment to grow federal and state tax deferred and disbursements made for qualified educational expenses are federal tax free, as well. North Dakota taxpayers are also able to subtract up to $5,000 per year ($10,000 if filing jointly) from their North Dakota taxable income. There are a couple of other advantages for North Dakota residents. If the participant or beneficiary is a North Dakota resident, the $20 annual maintenance fee is waived. Additionally, the Bank of North Dakota will match up to $300 for those making less than $40,000 or $80,000 if married and filing jointly. If you income is less than $20,000 or $40,000 for those married, filing jointly, the bank will match $300 for up to three years. This match is only available to the first 1,000 people applying each year. See https://collegesave4u.s.upromise.com/content/benefits_ndresidents.html for more details and requirements.

There are three aged-based investment portfolios available, conservative, moderate and aggressive. Funds invested in these move to more conservative investments as the beneficiary grows toward college age. If you want to make a single decision and then let the experts make the investing moves, then the age-based portfolios are for you.

If on the other hand, you want an active role in how your funds are invested, there are several individual investment portfolios available. These range from aggressive growth which naintains about 75% in stocks and equities to the conservative money market which keeps 100% in money market funds with preservation of capital being the main concern. You can reallocate your investments once each year, though you can always make changes to where your future deposits are allocated.

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