What you need to know about 529 plans
How much will I need to save?
There is no one set answer to determining an appropriate dollar amount for college savings. Factors such as your time horizon, number of children, and the amount of savings you already have or will have play a role in influencing your final goal. Our college savings calculator uses these factors to help give you a personalized look at how much you will need. Keep in mind other considerations like how much you can set aside each month, whether your child plans to attend a private or public institution, and your investment approach when establishing a savings goal.
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Should I choose my state's 529 plan or another state's?
While all state 529 plans originated with Section 529 of the Internal Revenue Code, each state plan has its unique differences. Residency requirements, maximum contributions and minimum initial contributions, tax incentives — if any — and annual account fees vary from state to state, which means finding the right 529 plan for you takes time and research. Also consider that most states offer direct-sold plans and advisor-sold plans.
Putnam 529 for America is the state of Nevada's advisor-sold plan. A financial advisor is a valuable resource to help you understand and reach your investment goals.
How do I open a 529 account?
There are two ways to open a 529 account. Enroll in a direct-sold plan purchased from the plan manager. Although these plans are run by reputable investment firms and are overseen by each state, it is up to you to perform research to find your best choice. For insight from an investment professional to help you with your decision, you can open an advisor-sold 529 plan available from financial advisors.
Nevada's advisor-sold plan is Putnam 529 for America. Talk to your financial advisor or find one now.
Where can I use my 529 account?
You can use the proceeds from a 529 account at any accredited private or public university or college, vocational or trade school, and graduate school in the United States, and at select foreign institutions. Use a 529 account to pay for tuition, fees, room and board, books, computer and peripheral equipment (including hardware and software), and other qualified expenses.
Are there contribution limits to a 529 plan?
Contribution limits to a 529 plan vary from state to state, but typically start at $300,000 and up. Contribution limits take into account the cost of going to the most expensive schools in the country, including graduate school. Since college costs continue to rise, most states are expected to increase their limits yearly.
Contributions to a Putnam 529 for America account can be as low as you like or as high as $370,000* over the life of the account.
Who can invest in a 529 plan?
Parents, grandparents, aunts, uncles, and friends can all contribute to your child's 529 account.
Learn about the exclusive scholarship program for Nevada residents.
Can I change 529 plan beneficiary?
If a child decides not to attend college, you can switch the account to another family member, including yourself. Change the beneficiary as many times as you like to another member of your family, as defined by the IRS.
Who controls the 529 account?
As account owner, you retain control over withdrawals for the life of the account — even when your child reaches legal age. This benefit is not offered by many non-529 education savings accounts, which transfer assets when the child reaches legal age.