Sponsored by the Commonwealth of Kentucky, KY Saves 529 helps you save for the rising costs of education.
What can a 529 be used for?
- College, graduate school, trade and vocational school, and apprenticeship programs
- K-12 tuition1
- Loan repayments2
- Room and board
- Computers and laptops
- Even things like tools, if required by the program
Other special features of the KY Saves 529:
- Tax-deferred growth potential
- Tax-free withdrawals for qualified expenses3
- Gift and estate-tax benefits
- Flexibility to use at eligible institutions, including universities, vocational schools, and K-12 programs worldwide.4
Unlike taxable education savings vehicles, 529 contributions can grow free of federal and state taxes.
Mr. Wilcox is a registered representative of Ascensus Broker Dealer Services LLC, 877-529-2980, 95 Wells Ave, Newton, MA 02459 (member FINRA/SIPC) and is not employed by the Commonwealth of Kentucky.
1Expenses for tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school, not to exceed $10,000 per student per year in the aggregate across all 529 Plans for such student. Since different states have different tax provisions, if you or your beneﬁciary, as applicable, are not a Kentucky taxpayer, the state(s) where you pay income tax may differ in its state income tax treatment of K-12 tuition expenses. You should consult your own state’s tax laws or your tax advisor for more information on your state’s taxation of withdrawals for K-12 tuition expenses.
2Principal or interest on any qualified education loan (as defined in section 221(d) of the Internal Revenue Code) of the designated beneficiary or a sibling of the designated beneficiary, up to a lifetime limit of $10,000 per individual. Note, if you make an education loan repayment from your Account, Section 221(e) (1) of the Internal Revenue Code provides that you may not also take a federal income tax deduction for any interest included in that education loan repayment.
3Earnings on non-qualified withdrawals are subject to federal income tax and may be subject to a 10% federal penalty tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements.
4An eligible institution is one that is eligible for federal financial aid programs.