By Terry Savage on November 30, 2019 | College Savings / Student Loans

I have a Fidelity 529. I live in IL. Would it be smarter or possible to move this into an IL plan? I have $34,000 invested, but do not get deductions from IL. I believe this fund is out of Maryland. My child turns four this December. Over the next 7 years I’d like to add $70,000. Thank you

Terry Says

You can have TWO plans! Just open a Bright Start Savings plan and take the tax deduction for the current contributions. But you can only get a deduction for up to $10,000 in contributions in any one year — whe4ther it is a new contribution or a rollover. (Or $20,000 on a joint return.) Go to www.SavingforCollege.com to compare ratings of your current plan and the Illinois Bright Start plan, which is now one of their top-rated plans.



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