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Edvest 529

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Good WI resident benefits

WI resident benefits

Wisconsin's Edvest 529 is a direct-sold 529 college savings plan available to residents of any state, and offers low minimums and a variety of investment options from TIAA, T. Rowe Price and others. Wisconsin residents may enjoy a state tax deduction for contributions to the plan.

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KEY METRICS

OVERVIEW

Program type

Savings

Inception

1997, but substantially changed in 2012

State agency

Wisconsin Department of Financial Institutions

Tax deduction

For single filers: $5,130/yr per beneficiary

For joint filers: $5,130/yr per beneficiary

Program manager

TIAA-CREF Tuition Financing, Inc.

Program distributor

TIAA-CREF Individual & Institutional Services, LLC

Manager contract term

MORE INFORMATION

Eligibility

State residency requirements:

None

Who can be a participant/owner in the program?

U.S. citizens and resident aliens of legal age, UGMA/UTMA custodians, and legal entities.

Significant time or age restrictions imposed by the program:

None

Did you know?

  • WI residents can claim a tax deduction for contributions to a WI 529 plan.

    Up to $5,130/yr ($5,130/yr for single filers) per year are eligible.

  • 529 plan contributions grow tax-free.

    Withdrawals are tax-free when used to pay for qualified higher education expenses.

  • You can contribute as much as you want, as often as you want.

    The key is to get started. Enroll today by completing a quick form online.

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Contributions

Maximum contributions:

Accepts contributions until all account balances in Wisconsin's 529 plans for the same beneficiary reach $589,650.

Minimum contributions:

The minimum initial and subsequent contribution to an account is $25. There is no minimum if you contribute by payroll direct deposit.

Does the program offer an e-gifting platform for receiving gift contributions?

This plan offers a robust gifting platform that allows gift-givers to save their own profile for recurring or future contributions.

Investment Options

Investors in Edvest 529 can select from the following investment options. Click on a portfolio name for more information.

The Enrollment Year Investment Portfolios contain 10 portfolios that invest in multiple mutual funds and a funding agreement based on a target enrollment year. Contributions are placed into the portfolio corresponding to the number of years to expected enrollment based on the age of the beneficiary or as selected by the account owner. The risk level for the selected portfolio becomes increasingly conservative over time as the beneficiary approaches expected enrollment.
PortfolioE.R. % Equity1yr performance
2036/2037 Enrollment Portfolio0.14%75%13.18%
2034/2035 Enrollment Portfolio0.15%69%12.5%
2032/2033 Enrollment Portfolio0.15%61%11.5%
2030/2031 Enrollment Portfolio0.15%51.99%10.33%
2028/2029 Enrollment Portfolio0.14%42.6%9.04%
2026/2027 Enrollment Portfolio0.13%30.23%7.49%
In School Portfolio0.11%13.95%4.96%
2038/2039 Enrollment Portfolio0.14%79%13.66%
2040/2041 Enrollment Portfolio0.14%80%13.79%
2042/2043 Enrollment Portfolio0.14%N/AN/A

Age-based/Enrollment Year investment options:

The Enrollment Year Investment Portfolios contain 10 portfolios that invest in multiple mutual funds and a funding agreement based on a target enrollment year. Contributions are placed into the portfolio corresponding to the number of years to expected enrollment based on the age of the beneficiary or as selected by the account owner. The risk level for the selected portfolio becomes increasingly conservative over time as the beneficiary approaches expected enrollment.

Static investment options:

Select among 3 index-based multi-fund portfolios (Aggressive, Moderate, Conservative), 3 active-based multi-fund portfolios (Aggressive, Moderate, Conservative), two additional multi-fund portfolios, 5 individual-fund portfolios, a bank CD Portfolio and a principal plus interest portfolio that guarantees an annual interest rate of 1% - 3%.

Underlying investments:

Mutual funds managed by TIAA-CREF, DFA, MetWest, and T. Rowe Price

Underlying fund allocations:

Portfolio Fees & Performance Lookup

Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

None.

Program management fees:

0.06% plan manager fee. The state administrative fee of 0.10% is currently being waived. The management and state fees do not apply to the Principal Plus Interest Portfolio.

Expenses of the underlying investments:

Ranges from 0.05% to 0.28% (portfolio weighted average) in the age-based and static multi-fund portfolios, 0.05% to 0.18% in the individual-fund portfolios (N/A for the Principal Plus Interest Portfolio). The CD option has no underlying expense beyond the management and state administration fee.

Total asset-based expense ratio:

0.10% - 0.34%; none for Principal Plus Interest Portfolio

Taxes and other Benefits

Tax deduction for single filers:

$5,130/yr per beneficiary

Tax deduction for joint filers:

$5,130/yr per beneficiary

Example:

Married filing jointly residents contributing $100/month can expect an additional $64/yr a year in tax savings.

Program match on contributions:

None.

State tax deduction or credit for contributions:

Contributions to a Wisconsin 529 plan of up to $5,000 per beneficiary by an individual or married couple filing jointly, and up to $2,500 per year by married couple filing separately, are deductible in computing Wisconsin taxable income. The deduction is available to any Wisconsin taxpayer who contributes to an account in the plan, not just the account owner. Contributions exceeding the maximum deduction amount for the tax year may be carried forward to future tax years. Rollover contributions of the principal amount from another state's 529 plan are eligible for the Wisconsin income tax deduction subject to applicable yearly limitations.

Wisconsin employers who contribute to their employees' 529 account(s) may be eligible for a tax credit equal to 50% of the contributions that the employer makes, not to exceed a maximum credit of $800 per employee per tax year.

Calculate your Wisconsin 529 tax benefit

Find out how much you can save on state taxes this year by contributing to a Wisconsin 529 plan.

Your tax savings per year
$64

per future student

Household income

$100,000

Monthly Contribution

$100

* For the most accurate results, enter the Monthly Contribution amount for one beneficiary (future student).

State tax recapture provisions:

The Wisconsin 529 College Savings Program requires the use of a "first in, first out" method of accounting. Withdrawals taken within 365 days after a contribution has been made to the account must be added to Wisconsin income to the extent the contribution was previously deducted from Wisconsin income, the account balance was less than the withdrawal amount prior to the contribution, and the withdrawal has not otherwise been added back to Wisconsin income. Carry-over of contributions in excess of the maximum annual tax deduction threshold also must be added back to Wisconsin income if the carry-over amount was withdrawn from the account within 365 days of being carried over. Note: any carryover amounts will be reduced by any amount of a Non-Qualified Withdrawal that is not otherwise added back to Wisconsin income. Non-Qualified Withdrawals and rollovers to other 529 plans must be added back to Wisconsin taxable income, to the extent they were previously deducted from Wisconsin income.

State definition of qualified expenses

The state conforms with the federal definition of qualified education expenses, which includes expenses for higher education, apprenticeship programs, interest and/or principal on qualified education loans up to a $10,000 lifetime cap, and up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school. Distributions from a 529 account directly to a Roth IRA are considered a qualified expense for state income tax purposes.

State tax treatment of qualified distributions:

Qualified distributions from Wisconsin and non-Wisconsin 529 plans are exempt. Under Wisconsin law, a beneficiary's right to qualified withdrawals from a Wisconsin 529 plan is not subject to garnishment, attachment, execution, or other process of law.

State tax treatment of rollovers:

Wisconsin follows federal tax-free treatment.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

Yes

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?

No

Is there a rewards program or outside scholarship program that works with this program?

Yes, the Upromise Rewards program can be linked to any 529 college savings plan. Upromise Rewards is free to join and offers members cash back for college.

Statutory protection of an account from creditors:

Did you know?

  • Residents are not limited to investing in their own state's 529 plan.

    Another state may offer a plan that performs better and has lower fees.

  • The 529 plan chosen does not affect which state the student enrolls in.

    You can live in New York, open a plan from Nevada and send a student to college in Florida.

  • The best way to maximize your college savings?

    Start early and save often. You can get started today with easy online enrollment.

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Distributions & Terminations

To whom are distributions made payable:

Account owner, beneficiary, eligible educational institution, or other third party, as directed by account owner.

Account Changes

Policy regarding participant/owner changes:

Accepts requests to transfer account ownership.

Documents, Access & Reporting

Does participant have online password-protected access to account?

Yes

Can the complete enrollment process including funding be done online?

Yes

Documents and other services accessible or downloadable on the program's public Web site:

Contact

Website:

http://www.edvest.com

Telephone:

1-888-338-3789

Social Media

Facebook: https://www.facebook.com/Edvest529
Instagram: https://www.instagram.com/edvest529
LinkedIn: https://www.linkedin.com/company/edvest-wisconsin-s-college-savings-plan/
YouTube: https://www.youtube.com/user/Edvest529

Start saving for your child's future today

Complete the online application and make your first deposit

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