529 Savings Plan

Start saving for college with as little as $25. Indiana residents can earn state tax credits on contributions.
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How a 529 Plan Works

Your kids may not be heading off to college just yet, but acceptance letters arrive before you know it. Start saving now with a 529 plan, and you can lessen the financial stress that comes with paying for higher education significantly.

Tax Benefits & Flexibility

Plan participants can expect tax breaks—so your investments may grow more quickly than in a savings account. Consult a tax professional for specific tax advice.

Saving Made Simple

Assets can be used toward the costs of nearly any public or private, K-12, two-year or four-year U.S.-accredited college, university, or technical school nationwide—as long as the school is eligible to participate in U.S. Department of Education student financial aid programs. 

With a 529 savings plan, you maintain flexibility and control. You can even set up a plan for yourself if you're thinking about future educational pursuits. 
Key Plan Features
  • Any U.S. citizen or resident alien, 18 or older, can open an account regardless of income 
  • Students can use funds at any eligible school
  • Anyone can contribute—parents, grandparents, other family, and friends 
Common Questions About College Savings

529 Plan Questions

Find answers to frequently asked questions about saving for education with a 529 plan.
What if I don't use my 529 plan for school?
As of 2024, you can roll over up to a lifetime limit of $35,000 from a 529 plan to the beneficiary's Roth IRA. The 529 account must have been open for at least 15 years. The annual rollover amount is subject to yearly Roth IRA contribution limits.
Can I change the beneficiary on my 529 plan?
Yes. Once every 12 months, you can roll the funds over into a new 529 savings plan option, tax-free, for the beneficiary or a member of the beneficiary's family. This provides flexibility as plans change.
What is the minimum contribution to start a 529 plan?
Start a plan for as little as $25. Make contributions of $25 or more anytime, or set up automatic deposits. Plan assets are professionally managed by the state treasurer's office or an outside investment company.
Who can open or contribute to a 529 account?
Any U.S. citizen or resident alien, 18 or older, can open an account regardless of income. Parents, grandparents, other family, and friends can open an account for anyone they choose or contribute to existing accounts.
Can my child use funds at schools outside Indiana?
Yes. Assets can be used at nearly any public or private K-12, college, university, or technical school nationwide that's eligible to participate in U.S. Department of Education student financial aid programs.
What is the Indiana state tax credit for 529 contributions?
Plan participants can expect tax benefits. Investments may grow more quickly than in a savings account. Contact a tax professional for specific advice.

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