Ask Terry Questions 529 plans — which state?

529 plans — which state?

By Terry Savage on October 07, 2022 | College Savings / Student Loans

We reside in IL and granddaughter resides in CO. Should we open a 529 account for her in Illinois or Colorado?

Terry Says

You get an Illinois tax deduction for up to $10,000 of contributions each year. And Illinois has one of the top-rated programs. Since she can use the money for college in any state, it doesn’t matter from her end.
So you should go to BrightStart.com, which is Illinois’ plan, and open your account there.

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