Illinois 529 College Savings Plan | Smart Saving for Education

The 529 college savings plan is a popular way to set aside money for your child or grandchild's education while receiving some tax benefits, but each state handles 529 plans differently.

This video will break down how the state of Illinois does 529 college savings plans including:
What the 529 college savings plan is
How Illinois 529 plans differ from other states
The difference between the "Bright Start" and "Bright Directions" plans for Illinois 529 plans
State vs. Federal tax implications
What expenses qualify for 529 plans in Illinois
What the limits are for contributing to a 529 plan in Illinois

Want to learn more tax savings strategies for 2024? Watch my next video "Don't Pay More Taxes Than You Need to: How to Save Big in Retirement"    • Retired and Paying Too Much in Taxes: 3 St...  

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Link: Edvest.com 529 Direct to Investor plans - https://www.edvest.com/
Does your state offer income tax deductions for 529 plans? - https://finaid.org/savings/state529de...

Chapters:
0:00 What the Illinois 529 Plan?
0:22 Income Tax Deductions
2:50 529 Contribution Limits
4:14 2 Illinois 529 Plan Options
6:44 What Expenses Qualify to Use 529 Funds On
10:10 Rules and Exclusions
10:48 Can I Have Too Much in a 529 Plan?
12:22 Summary

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