Pennsylvania 529 College Savings Plan


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Pennsylvania 529 College Savings Program

Pennsylvania offers two 529 savings plans, one is guaranteed to keep up with the rate of college tuition inflation and the other is a plan offering mutiple portfolios managed by Vanguard. Pennsylvania residents can contribute up to $13,000 per year ($26,000 for married couples, as long as both had at least $13,000 of taxable income). Earnings in the account are tax-deferred and if used for approved educational expenses are Federal and Pennsylvania tax-free. You can open an account with as littl as $25 and each beneficiary may have a maximum of $368,600.

Pennsylvania 529 Guaranteed Savings Plan (GSP)

The Guaranteed Savings Plan requires that either the beneficiary or the account owner must be a resident of Pennsylvania. Using this plan, you are able to ensure that investments made today will keep up with the pace of inflation. So, if you pay enough now to cover one year's tuition, then it is guaranteed to cover one year's tuition when the beneficiary is ready for college. See the Pennsylvania 529 Guaranteed Savings Plan website for more details.

Pennsylvania 529 Investment Plan.

This plan is managed by Vanguard and allows you many investment choices. Of course, since these are mutual funds which are invested in stocks, bonds and other financial instruments, there is no guarantee as with the GSP and your return may be above or below the inflation rate. This plan does not require that at least one of the participants be Pennsylvania residents. See the Pennsylvania 529 Investment Plan website for more details. 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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