Difference between revisions of "West Virginia Direct 529 plan (SMART 529) archive"

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Latest revision as of 02:12, 7 November 2017

The West Virginia Direct 529 plan (SMART 529) archive 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
  • Open to non-residents

West Virginia Direct 529 Plan (SMART 529):
Program match on contributions: Residents of West Virginia who have opened an account after May 2, 2011 may be eligible for the Matching Grant Program for beneficiaries 12 years of age or less, depending on federal adjusted gross income and the number of child dependents. The 1:1 match must be applied for and is up to $500 a year, with a $2500 lifetime limit per beneficiary. The program retains ownership of the matching funds. To spend the matching funds they must be sent directly to an eligible educational institution, not the account owner, beneficiary, or another state's 529 plan. Dependents under 18 and maximum AGI to recieve match: 1 dependent - $50,000; 2 dependents - $60,000; 3 dependents - $70,000; 4 dependents - $80,000.
State tax deduction or credit for contributions: Contributions to any of West Virginia's 529 plans are fully deductible in computing West Virginia taxable income.
State tax recapture provisions: The principal portion of nonqualified withdrawals from this plan are included in West Virginia taxable income to the extent of prior West Virginia tax deductions. Direct rollovers that are qualified distributions apparently are not subject to recapture.
Age-based investment options: The Age-Based Portfolios option consists of five portfolios of underlying mutual funds with varying risk tolerances. Contributions are placed into the portfolio corresponding to the beneficiary’s age, and later reassigned to more conservative portfolios as the beneficiary approaches college age.
Static investment options: Select among five multi-fund portfolios with varying risk tolerances.
Expenses: 0.29% - 0.34% (Stable value fund is 0.40%). $25 maintenance fee (waived for residents).
Policy Regarding Ownership Changes: Accepts requests to transfer account ownership.
Policy Regarding Beneficiary Changes: Accepts requests to change designated beneficiary.
Policy Regarding Rollovers: Direct rollovers for the same beneficiary or a member of the beneficiary's family, are considered qualified withdrawals not subject to taxation.

Investment options

Portfolio Cost
Aggressive Growth Portfolio .32%
Age-Based Portfolio 0-8 / Growth Portfolio .32%
Age-Based Portfolio 9-13 / Balanced Portfolio .32%
Age-Based Portfolio 14-15 .32%
Age-Based Portfolio 16-17 .34%
Age-Based Portfolio 18+ / Conservative Balanced Portfolio .34%
Conservative Bond Portfolio .34%
The SMART529 500 Index Fund .29%

External links