Rhode Island 529 College Savings Plan - CollegeBoundfund


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Rhode Island 529 College Savings Plan

Rhode Island CollegeBoundfund

With 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.

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