About 529 Plans
A 529 plan is a tax-advantaged savings plan designed to save for college and other qualified higher education expenses. 529 refers to Section 529 of the Internal Revenue Code.
If the beneficiary does not attend college, the account owner may change the beneficiary to another eligible family member. If funds are withdrawn for a purpose other than qualified higher education expenses, the earnings portion of the withdrawal is subject to federal and state taxes plus a 10% additional federal tax on earnings (the "Additional Tax"). See the Plan Information and Details section for more information.
529 college savings plans vary in a number of ways, including contribution limits to the account (defined by the states), fees to open and maintain an account, in-state tax treatments such as a state 529 tax deduction, investment options offered, and the plan manager. There may also be other differences, such as special programs or benefits defined by the particular plan. Before investing in a 529 plan, you should consider whether the state where you or your designated beneficiary reside or have taxable income offers favorable state income tax or other benefits that are only available if you invest in that state’s 529 plan.
Check out our interactive comparison tool.
You may transfer ownership of your Edvest 529 College Savings Plan at any time. Please note this assignment is an irrevocable action transferring all rights, title and interest in the account to another owner. You will no longer have access to or control of the account.
If you move to another state, you can keep your money invested and continue making contributions to your Edvest 529 account. Before investing in a 529 plan, you should consider whether the state where you or your designated beneficiary reside or have taxable income offers favorable state tax treatment or other benefits if you invest in that state’s 529 plan.
You can help a loved one pay for the rising costs of college by opening an Edvest 529 account or by making a 529 gift contribution to an existing account. Accounts can be opened online – to open, please click here. To make a gift contribution to an existing account, obtain a gift code and instructions from the account owner, which the account owner can find here.
Contact your school to determine if it qualifies as an eligible educational institution or use the Federal School Code Search on the Free Application for Federal Student Aid (FAFSA) website.
Account Management
To view your transaction history, log in to your account, click "View Details" for your beneficiary, and scroll down to the transactions section. You can always speak to one of our college savings specialists at 1-888-338-3789, Monday through Friday, 7:00 AM to 9:00 PM CT.
With the Edvest College Savings Plan, there are no sales charges, start-up or maintenance fees. To review the current total annual asset-based fees, which are comprised of the underlying investment expenses for each Investment Portfolio, the Plan Manager fee, and state administration fee, please see fees and expenses.
No. The money in your account may be used at any eligible educational institution in the United States, and some abroad. This includes public and private colleges and universities, technical colleges, graduate schools, and professional schools.
In addition, up to $10,000 annually per student, in aggregate from all 529 plans, can be withdrawn free from federal tax if used for tuition expenses at a public, private or religious elementary, middle, or high school.
For more on qualifying expenses and the state tax treatment of withdrawals for these expenses, including K-12 school tuition, refer to Plan Details & Information.
To update your profile information online, including payment information, login here or call the Plan at 1-888-338-3789, Monday through Friday from 7:00 AM to 9:00 PM CT.
Individual 529 accounts have one owner and one named beneficiary.
Yes, you can transfer funds from another 529 college savings plan to your Edvest account for the same beneficiary once within a 12-month period without incurring a taxable event. The 529 plan from which you are transferring funds may be subject to different features, costs and surrender charges. You should consult your tax advisor or the other 529 college savings plan. State and local taxes may apply. For more information see: How to Manage an Incoming Rollover from another 529 Account.
Yes - funds may be redeposited to your account within 60 days of the refund without penalty should a student need to withdraw from a class. The recontributed amount cannot exceed the amount of the refund.
If there is no financial activity within your account, then statements will not be delivered via mail or email (depending on your delivery preference). However, Q4 statements will be delivered regardless of financial activity. You can log into your account at any time to view quarterly statements.
Beneficiaries
Anyone with a valid Social Security number or Taxpayer Identification number can be the beneficiary, including the account owner.
Yes, a beneficiary may have more than one Edvest College Savings Plan account. However, an account owner can have only one account for each beneficiary.
For example, a beneficiary may have an account owned by their parent, and/or their grandparent, and/or their aunt, etc. There is an overall maximum account balance limit which applies to all accounts opened for a beneficiary within the Wisconsin College Savings Program (see FAQs – Contributions).
Yes, you can change your beneficiary at any time or transfer a portion of your investment to a different eligible beneficiary. The new beneficiary must be an eligible member of the previous beneficiary's family. For more information see: Change your beneficiary.
Investments
Performance data for the Edvest investment portfolios is available here: Historical Data.
Edvest offers you a choice of investment portfolios. These portfolios vary in investment strategy and degree of risk, allowing you to select a portfolio or combination of portfolios that may fit your needs. To see the list of investment portfolios, brief descriptions and associated fees and expenses, visit Researching Investments. For more information on the investment objecdtives, risks, charges and expenses, read the Plan Description (PDF).
Yes, each time you make a contribution you may select from any of the Edvest investment portfolio options. Once invested in a particular portfolio, contributions and earnings may be transferred to another portfolio twice per calendar year or upon transfer of funds to a Plan account for a different eligible beneficiary (see the Plan Description for more information). To transfer funds between portfolios, log in to your Edvest account, click "View Details" for your beneficiary, then choose "Change investment options." You may also call the Plan for a Change of Investment Form.
Contributions
There is no maximum contribution amount. However, there is an overall maximum account balance limit of $545,500, which applies to all accounts opened for a beneficiary in the Wisconsin College Savings Program (Edvest and the Tomorrow’s Scholar advisor-sold plan). Accounts that have reached the maximum account balance limit may continue to accrue earnings.
No, 529 plan contributions are not deductible for federal income tax purposes.
Plan contributions are always made after-tax.
You can contribute to an Edvest 529 account by one of the following: check, an electronic funds transfer, establishing a recurring contribution, establishing payroll direct deposit, a rollover from another state's plan account, or redemption proceeds from a Coverdell Education Savings Account or qualified U.S. savings bond. Your contribution will be invested according to your Allocation instructions, which you may change at any time online, by telephone or by requesting and submitting the Change of Investment Form. For more information, click here.
If you wish to make contributions to your Edvest account from your paycheck, first ask your employer if direct deposit is available, then log in to your Edvest account and follow the "Payroll Direct Deposit" instructions found by clicking the Profile & Documents link or request and submit the appropriate form by mail.
Please visit Edvest at Work for more payroll direct deposit information.
Online Access
If you have forgotten your Username, please click here.
If you have forgotten your password, please tell us your username and registered email address here.
To change your password, log in here, and follow the instructions.
If you have forgotten both your username and password, first retrieve your username by clicking here. Once you have received your username, enter it on the Log In page and click Continue. On the password page click on the Forgot password? link, and follow the instructions to create a new password.
If your account has been locked, please contact the Plan at 1-888-338-3789 from 7:00 AM to 9:00 PM CT Monday to Friday, excluding holidays. We can assist you with unlocking your account. We apologize for the inconvenience.
To sign up for e-delivery, log in here, and click on Edit Delivery Preferences.
For information, please click here.
Taxes
If you are a Wisconsin taxpayer, your contributions to Edvest may be deducted from state taxable income up to a maximum of $3,560 per year, per beneficiary ($1,780 for married filing separate status and divorced parents of a beneficiary) for the 2022 tax year. For the 2023 tax year, the maximum deduction is $3,860 per year, per beneficiary ($1,930 for married filing separate status and divorced parents of a beneficiary). You do not have to be related to the beneficiary and remember, this tax benefit is per beneficiary so if you’re contributing to accounts for multiple children or grandchildren, you can potentially reduce your Wisconsin taxable income even more. Contributions must be made by the state tax deadline which is generally April 15 of the following year. (Please note, it is the responsibility of the account owner to retain documentation in support of contributions made to Edvest, and to determine the tax year for which the Wisconsin income tax deduction is being claimed.)
When you contribute to an Edvest account, any earnings can grow federal and Wisconsin income tax-deferred until withdrawn. Plus, withdrawals used to pay for qualified higher education expenses will be free from federal and Wisconsin income tax.
Contributions to an Edvest College Savings Plan account may help reduce the taxable value of your estate. For more information about gifting, please click here.
The earnings portion of a non-qualified withdrawal is subject to state and federal income taxation and the 10% additional federal tax on earnings (the "Additional Tax"). See the Plan Description for details.
If you are taking a withdrawal to pay for qualified higher education expenses of the beneficiary, there will be no federal or state income tax. Find out how to make a withdrawal.
The available federal tax benefits for paying qualified higher education expenses through these programs must be coordinated in order to avoid the duplication of such benefits. Account Owners should consult a qualified tax advisor regarding the interaction under the IRC of the federal income tax education-incentive provisions addressing Account withdrawals.
Financial Aid/Scholarships
Assets in a parent owned 529 account have less of an impact on financial aid than some other savings methods. "Expected Family Contribution" (EFC) calculations generally factor parent assets outside of retirement savings at approximately 5% whereas student assets are generally factored in at 20% or more. Therefore, a parent owned 529 account may have less of an impact on financial aid eligibility than assets owned by the student.
For more information, please click here.
If the beneficiary receives a scholarship that covers the cost of qualified expenses, you can withdraw the funds from your account up to the amount of the scholarship without incurring the 10% additional federal tax earnings (the "Additional Tax"). However, the earnings portion will be subject to federal and state income tax. If the amount withdrawn exceeds the amount of the scholarship, the earnings portion of the excess amount withdrawn will be subject to the Additional Tax. Please consult with a qualified tax advisor.
Withdrawals
You may request a withdrawal via your account online. Select the beneficiary you would like to withdraw the money for, click "Make a Withdrawal" on the left hand navigation and follow the directions. Alternatively, you may request 529 plan withdrawals by using the Withdrawal Request Form.
To view your transaction history, log in to your account or contact the Plan at 1-888-338-3789, Monday through Friday, 7:00 AM to 9:00 PM CT.
A taxable withdrawal will be subject to applicable state and federal income tax on earnings, if any, but will not be subject to the 10% additional federal tax on earnings (the "Additional Tax"). Examples of taxable withdrawals are: a beneficiary's death, permanent disability, receipt of a scholarship withdrawal, or attendance at a military academy.
See the Plan Description for additional information.
Qualified higher education expenses are defined generally to include certain room and board expenses, the cost of computers, hardware, certain software, and internet access and related services, and tuition, fees, the cost of books, supplies and equipment required for the enrollment or attendance of a Beneficiary at an Eligible Educational Institution as well as certain additional enrollment and attendance costs of Beneficiaries with special needs. To be treated as Qualified Higher Education Expenses, computers, hardware, software, and internet access and related services must be used primarily by the Beneficiary while enrolled at an Eligible Educational Institution. Qualified Higher Education Expenses do not include expenses for computer software designed for sports, games, or hobbies unless the software is predominantly educational in nature.
For federal income tax purposes, Qualified Higher Education Expenses also includes (i) tuition in connection with enrollment or attendance at a primary or secondary public, private, or religious school, up to a maximum of $10,000 of distributions for such tuition expenses per taxable year per Beneficiary from all Section 529 Programs; (ii) expenses for fees, books, supplies, and equipment required for the participation of a Beneficiary in an certified apprenticeship program; and (iii) amounts paid as principal or interest on any qualified education loan of either the Beneficiary, or a sibling of the Beneficiary up to a lifetime limit of $10,000 per individual. Please see the Plan Description for additional information, including the state tax treatment of withdrawals for these expenses.
The cost of room and board may be treated as Qualified Higher Education Expenses only if it is incurred during an academic period during which the beneficiary is enrolled or accepted for enrollment in a degree, certificate or other program that leads to a recognized educational credential awarded by an Eligible Educational Institution, and during which the beneficiary is enrolled at least half-time. (Half-time is defined as half of a full-time academic workload for the course of study the beneficiary is pursuing based on the standard at the beneficiary’s Eligible Educational Institution.) The amount of room and board expenses that may be treated as a Qualified Higher Education Expense is generally limited to the room and board allowance applicable to a student that is included by the Eligible Educational Institution in its “cost of attendance” for purposes of determining eligibility for federal education assistance for that year. For students living in housing owned or operated by the Eligible Educational Institution, if the actual invoice amount charged by the Eligible Educational Institution for room and board is higher than the "cost of attendance" figure, then the actual invoice amount may be treated as qualified room and board costs.
To be treated as Qualified Higher Education Expenses, computers, hardware, software, and internet access and related services must be used primarily by the Beneficiary while enrolled at an Eligible Educational Institution. Qualified Higher Education Expenses do not include expenses for computer software designed for sports, games, or hobbies unless the software is predominantly educational in nature.
Federal tax treatment of 529 plan qualified higher education expenses or QHEEs includes the repayment of up to $10,000 (including principal and interest) on any qualified education loan of either a 529 plan designated beneficiary or a sibling of the designated beneficiary. To be a qualified expense, the loan repayment amount for an individual is subject to a lifetime limit of $10,000.
Please see the state tax treatment of withdrawals used toward student loan repayment here.
A non-qualified withdrawal is any withdrawal that does not meet the requirements of being: (1) a qualified withdrawal; (2) a taxable withdrawal; or (3) a rollover. The earnings portion of a non-qualified withdrawal is subject to state and federal income taxation, and the 10% additional federal tax on earnings (the "Additional Tax"). See the Plan Information and Details section for more info.
A taxable withdrawal that is not subject to the 10% additional federal tax on earnings (the "Additional Tax") is a withdrawal from your account that is: (1) paid to a beneficiary of, or the estate of, the Beneficiary on or after the beneficiary's death; (2) attributable to the permanent disability of the beneficiary; (3) made on account of the receipt by the Beneficiary of a scholarship award or veterans' or other nontaxable educational assistance (other than gifts or inheritances), but only to the extent of such scholarship or assistance; (4) made on account of the beneficiary's attendance at a military academy, but only to the extent of the costs of education attributable to such attendance; or (5) equal to the amount of the beneficiary's relevant Qualified Higher Education Expenses that are taken into account in determining the beneficiary's American Opportunity Credit or Lifetime Learning Credit.
The earnings portion of a taxable withdrawal is subject to federal income tax but not to the Additional Tax.
1247845
