Rhode Island 529 Plan

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This page provides information on Direct-sold 529 Plans and highlights indexed portfolios. All information is derived from Savingforcollege.com and from 529 plan sites and disclosure documents. If you would like to compare this plan with other direct sold plans, use these Compare by Plan Name and Compare by Feature tools.

• Open to Residents
• Not open to non-residents

Rhode Island 529 Plan:

Program match on contributions:	The CollegeBoundfund Matching Grant Program will match the applicant's contribution to a CollegeBoundfund account up to the first $500 contributed annually, subject to availability of funds. The applicant must meet the income guidelines established for the contribution year and provide verification of the family's adjusted gross income for the most recently completed tax year.
State tax deduction or credit for contributions:	Contributions to the Rhode Island 529 plan of up to $500 per year for an individual taxpayer, and $1,000 per year for married taxpayers filing jointly, are deductible in computing Rhode Island taxable income, with an unlimited carryforward of excess contributions. Only contributions made by the account owner are deductible. Rollovers from another 529 plan are not deductible. Contribution deadline is December 31.
State tax recapture provisions:	The principal portion of rollovers and nonqualified withdrawals from this plan within two taxable years of the contribution are included in Rhode Island taxable income to the extent of prior Rhode Island tax deductions.
Age-based investment options:	The Age-Based Portfolios option offers a choice between two risk levels. Each contains 7 age bands comprised of between seven and twelve underlying mutual funds. Contributions are placed into the portfolio corresponding to the selected risk level and the age of the beneficiary. The portfolios shift to a more conservative investment allocation over time. No vanguard fund option.
Static investment options:	Select among three multi-fund portfolios (Appreciation, Balanced, and Preservation), a stable value portfolio (Principal-Protection Income Portfolio), and ten individual-fund portfolios. A dollar-cost averaging option provides for automatic monthly reallocations between any of the portfolios.(One Vanguard fund available to Rhode Island residents: Total Stock Market Index).
Expenses:	0.37% - 1.18%
Policy Regarding Ownership Changes	Accepts requests to transfer account ownership.

External Links

• Direct link to 529 Plan site
• Morningstar Overview
• State Creditor Protections for 529 Plans

How to Cite

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