The Arkansas 529 Plan offers families an opportunity to save for college tuition on a tax-advantaged basis. Although this plan was originally designed for parents saving for their child's college education, the account also applies to anyone interested in saving for college tuition expenses. With the Arkansas 529 Plan, contributions can be made up to an annual federal limit of $15,000 per contributor or beneficiary per year. In addition, earnings and distributions are exempt from most state taxes.
Table Of Content:
- Arkansas 529 plan
- Arkansas Brighter Future 529 > Arkansas Treasurer of State
- GIFT College Investing Plan | Arkansas 529 College Savings Plan ...
- Get To Know Arkansas' 529 Plan
- What Is the Maximum Contribution to a 529 Plan in Arkansas ...
- Arkansas 529 Plans: Learn the Basics + Get $30 Free for College ...
- Take advantage of your state tax benefits | BlackRock ...
- Arkansas 529 Plan & College Savings Options | Gift College ...
- Arkansas Tax Benefits for College Tuition
- 529 Plans for College Savings: 529 Plans Listed By State - NerdWallet
1. Arkansas 529 plan
https://brighterfuturedirect529.com/
Contribute anytime or set recurring contributions to make saving automatic. kid with piggy bank. 3. Use your 529 savings when you are ready.
2. Arkansas Brighter Future 529 > Arkansas Treasurer of State
https://www.artreasury.gov/programs-2/arkansas-529/
Up to a $5,000 state tax deduction for Arkansas taxpayers ($10,000 for married couples making a proper election) · Tax-free withdrawals for qualified expenses · A ...
3. GIFT College Investing Plan | Arkansas 529 College Savings Plan ...
https://www.savingforcollege.com/529-plans/arkansas/gift-college-investing-plan
Contributions to an Arkansas 529 plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly, are deductible ...
4. Get To Know Arkansas' 529 Plan
https://cdn.unite529.com/jcdn/files/ARD/pdfs/FactSheet.pdf
The Arkansas 529 GIFT Plan is a tax-advantaged savings plan allowing families to make saving for college a reality. Higher education expenses can seem ...
5. What Is the Maximum Contribution to a 529 Plan in Arkansas ...
https://www.sootchy.com/post/maximum-contribution-529-plan-arkansas
Mar 23, 2021 ... Plus, anyone who contributes to an Arkansas 529 plans can benefit from a state income tax deduction of up to $5,000 per person per year, and ...
6. Arkansas 529 Plans: Learn the Basics + Get $30 Free for College ...
https://www.upromise.com/articles/arkansas-529-plan-basics/
Feb 4, 2021 ... Is a 529 plan tax deductible in the state of Arkansas? ... Yes, Arkansas residents can claim a state tax deduction of up to $5,000 per year as a ...
7. Take advantage of your state tax benefits | BlackRock ...
https://www.blackrock.com/us/individual/literature/brochure/529-plans-and-state-tax-benefits-client-piece-en-us.pdf
1 Alabama law does not exempt distributions from a non-Alabama 529 plan and not all ... 4 Arkansas allows for a lesser deduction for contributions to an.
8. Arkansas 529 Plan & College Savings Options | Gift College ...
https://thecollegeinvestor.com/529-plan-guide/arkansas/
Arkansas offers a state tax deduction for contributions to a 529 plan of up to $5,000 for single filers and $10,000 for married filing ...
9. Arkansas Tax Benefits for College Tuition
https://www.thebalance.com/college-tax-benefits-for-arkansas-residents-795361/study-space-56a4b9be5f9b58b7d0d8878d.jpg)
Unfortunately, there is no deduction for actually paying college tuition as opposed to contributing to the Arkansas Section 529 plan, at least not without a ...
10. 529 Plans for College Savings: 529 Plans Listed By State - NerdWallet
https://www.nerdwallet.com/article/investing/529-plans-by-state
A 529 plan is a type of savings and investment account in which money grows tax-free as long as the withdrawals are for qualified education expenses.
Are my contributions eligible for any tax deductions?
Yes! Account owners are eligible to receive an Arkansas Income Tax Deduction of up to $10,000 per taxpayer or married couple filing jointly regardless of what is contributed each year.
Are there restrictions on where I can use my funds?
Funds distributed from the account may only be used towards qualified higher education expenses such as tuition, fees, books, supplies and room and board at accredited post-secondary institutions in the United States.
What happens if I need to withdraw money early from my account?
Early withdrawals are permitted; however they will be subject to both Federal and State income taxes as well as a 10% additional federal penalty tax.
How do I open an Arkansas 529 Plan account?
Accounts can easily be opened online by visiting www.arkansas529plan.com or by calling 1-877-527-0134 with just one initial contribution of $25 required at application time.
Is there a fee associated with opening an Arkansas 529 Plan account?
No, there is no fee associated with opening an Arkansas 529 Plan account.
Conclusion:
The Arkansas 529 Plan is a great way for families who want to save for college tuition expenses on a tax-advantaged basis. Savers can take advantage of the low minimum starting contributions and potential deductions when filing their taxes while making sure that their funds are being put towards qualified higher education expenses in order to make college more affordable in the future.