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Rhode Island 529 College Savings PlanRhode Island CollegeBoundfundWith the CollegeBoundfund, earnings grow federal income tax-free and as long as the funds are used for approved educational expenses, they will remain tax-free. Additionaly, for Rhode Island residents, they will be Rhode Island state tax-free. Rhode Island residens who make contributions to a CollegeBoundfund account may be eligible for a state tax deduction (up to $500 for single filers and $1,000 for those filing jointly).Low and moderate income Rhode Island residents enjoy another benefit called the CollegeBoundfund Matching Grant Program. As of 2009, those earning up to and AGI of $71,000 per year and meeting the other requirements are eligible for a 2 for 1 match up to $500. So, if you contribute $500 to your dependent's CollegeBoundfund account, the state of Rhode Island will open a separate account in your child's name and contribute $1,000. Those earning up to an AGI of $86,000, may be eligible for a 1 for 1 match. For up to date income requirements, check out www.FIVE-TEN.org. For more information on the CollegBoundfund, visit the CollegeBoundFund website. For more information on the state matching grant program, visit the RIHEAA website at http://riheaa.org/saving/fiveten/. You should also check with a financial advisor and tax advisor to see if a 529 investment is right for you.
Rhode Island Scholarships
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Rhode Island 529 College Savings Plan - CollegeBoundfund