What is SMART529?
SMART529 is West Virginia’s official tax-advantaged education savings plan. The program is designed to encourage families to save for education beyond high school. Earnings on SMART529 investments accumulate tax-free, and distributions are tax-exempt, as long as they are used for eligible education expenses.
What does a SMART529 plan cover?
Your SMART529 savings can be used for traditional four and two year college expenses, accredited vocational and trade schools, as well as graduate and doctoral programs. 529 funds aren’t just for tuition either. You can use your investments to pay for other qualified education expenses such as room and board, books, equipment and supplies. You can also use up to $10,000 per student per year to pay for private K-12 tuition.
Want to boost your SMART529 savings?
If you have a newborn child or have recently adopted a child, take advantage of the Bright Babies program. Simply open a new SMART529 account before their first birthday or the first anniversary of their adoption and you will receive an additional $100 in your account. Friends and family can also contribute to a child’s SMART529 account with convenient gift cards, from The Gift of College. It makes the perfect gift for all ages and occasions!
Start your SMART529 plan today!