FINANCIAL PROFESSIONALS

Help your clients reach their college savings goals

Why choose Ohio's 529 plan for your clients?

$2,000 OHIO STATE TAX DEDUCTION

If your client is an Ohio resident, contributions they make to a CollegeAdvantage account can be deducted from their Ohio taxable income.

Ohio residents can deduct up to $2,000 in contributions per year, per beneficiary.

INCOME TAX BENEFITS

Pay no federal or Ohio income taxes on your earnings when you withdraw the money to pay for qualified higher education expenses.

GIFT TAX BENEFITS

Special gift-tax exclusion enabling you to make 5 year’s worth of gifts (up to $65,000 or $130,000 for married couples) in a single year to a single beneficiary without triggering the federal gift tax1.

ESTATE TAX BENEFITS

Contributions are removed from your estate for estate tax purposes, even though you retain control over the assets.

HIGH CONTRIBUTION LIMIT

Your clients can contribute up to $371,000 per beneficiary.

ASSET PROTECTION

Ohio's 529 plan may also help protect Ohio residents’ assets. Under Ohio law, the assets in CollegeAdvantage qualify for preferential treatment and may be shielded from creditors in certain cases.

ACCOUNT OWNER MAINTAINS CONTROL

Your clients never lose control of their account, so they can be sure their savings are spent wisely.

They decide when and how money is withdrawn to pay for college. If their student decides not to attend college, they can name a new beneficiary, or choose to leave the funds in the account. If your clients need their savings for another purpose, they can withdraw the funds although the earnings would be taxed and assessed a 10% penalty.