Usaa 529 plan investment options

Call Toll Free USAA. The USAA College Savings Plan is open to any U. You can open an account for a relative, a friend or even yourself. The person for whom you are opening the account the beneficiary must also be a U.

There are no income restrictions, age limits or state residency requirements. However, the primary address physical address on your account cannot be a post office box. The plan is required by law to obtain certain personal information from you, which will be used to verify your identity. If you don't provide the requested information, we may not be able to open your account.

If we are unable to verify your identity, the program manager reserves the right to close your account or take other steps deemed reasonable. Your Social Security number is also required for tax-reporting purposes. The Nevada board may change the maximum contribution periodically. While there can be only one beneficiary named for each account, you can open separate accounts for different beneficiaries. After you complete the process for one beneficiary, you will be given the opportunity to open other accounts.

The same individual can be the beneficiary of multiple accounts. For example, a father, mother, grandparent and uncle can each open separate accounts for the same or other beneficiaries subject to the maximum contribution described above. Please note, you will not be able to change the beneficiary.

Under the federal rules that govern plans, you're able to change the way your assets are currently invested in an account either once per calendar year or any time you change the beneficiary. At that time, you can opt for a different portfolio, or combination of portfolios. You can change your allocation of future investments at any time.

When doing an indirect rollover, you should request a statement from your current plan account manager that explains this breakdown. A breakdown is also needed for a trustee or custodian if you plan to transfer assets from a Coverdell Education Savings Account or a qualified U. For direct rollovers money transferred directly from another plan to the USAA College Savings Plan , the sending plan is required to provide the receiving institution with the breakdown generally within 30 days of the distribution.

This is equivalent to an indirect rollover. A distribution from a plan can be rolled over to another plan within 60 days if it is for the same beneficiary or an eligible member of the beneficiary's family. However, you can only roll over assets between programs for the same beneficiary if the rollover does not occur within 12 months of a previous transfer to any plan for that beneficiary.

If this annual exclusion amount is exceeded, a contributor may elect to apply the contribution against the annual exclusion equally over a five-year period while filing a gift tax return for the year in which the gift was made.

This option is applicable only for contributions up to five times the available annual exclusion amount in the year of the contribution. You should consult a qualified tax advisor for more information. In general, if a school has been assigned a federal school code by the Department of Education, then it is eligible under IRS Code Section To see if a particular school has a federal school code assigned, visit the U.

You can pay for qualified higher education expenses, including tuition, room and board, fees, books, and supplies. Please read the Plan Description and Participation Agreement KB PDF for more complete details.

Alternatively, you can change the beneficiary of the account to a qualified family member of the current beneficiary, rollover all or a portion of the account balance to another account in the USAA College Savings Plan or another plan for the benefit of such a family member, or leave the money in the account to pay for other qualified higher education expenses not covered by the scholarship, in each case without federal tax implications.

You may leave your money in the account in the event that the beneficiary decides to attend college at a later date.

You may also name another eligible family member as beneficiary including yourself of the account and use the Plan assets to pay for that person's qualified higher education expenses. If no eligible family members can be named beneficiary, then you may close the account. Like any savings or investment, assets in the plan are likely to affect your beneficiary's ability to get financial aid.

Federal agencies and schools use complicated and varying formulas to determine financial aid, but your account balance could partially reduce your beneficiary's determined financial need for these purposes.

Consider the investment objectives, risks, charges and expenses of the USAA College Savings Plan Plan carefully before investing. Call to request a Plan Description and Participation Agreement containing this and other information about the Plan from USAA Investment Management Company, Underwriter and Distributor.

( College Savings Plan)

Read it carefully before investing. If you or the beneficiary are not residents of the State of Nevada, consider before investing whether your or the beneficiary's home state offers a plan that provides its taxpayers with state tax and other benefits not available through this Plan.

Please consult your tax adviser. Investing in securities products involves risk, including possible loss of principal. USAA and its affiliates do not provide tax advice. Taxpayers should seek advice based upon their own particular circumstances from an independent tax advisor. Investments provided by USAA Investment Management Company and USAA Financial Advisors Inc.

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Usaa College Savings Plan (nevada College Savings Plan)

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Who can open a USAA College Savings Plan account? Why do you need my personal information, including my Social Security number and birth date? How much can I currently invest in my Plan account?

Can I open an account for more than one beneficiary? Can I move my currently invested assets from one investment selection to another? Why must I include a breakdown of principal and earnings when I do a rollover? Can I roll over a distribution from another Plan? Are there any specific gift tax advantages? How do I know if a particular school is an eligible educational institution? What higher education expenses can I pay with my Plan account? What happens if my beneficiary receives a scholarship?

What happens if my beneficiary doesn't go to college? Will contributing to the Plan affect eligibility for financial aid? Visit the Member Community.

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