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There are a number of investment accounts you can use to help save for a child's education. Each offers different features and benefits and can be opened by a friend or relative on behalf of a child. They can be used for a student of any age. They are not offered by Fidelity.
Expand all Collapse all. Money contributed to a plan account is generally considered removed from the owner's estate. Account minimums vary by firm, but typically they require a low opening amount e. High maximum contribution limits. Account owner may transfer account at any time to another member of original beneficiary's family.
Account can invest in mutual funds and individual securities, including stocks and bonds as available through the sponsoring institution. Open an account Get started with a Fidelity-managed plan or custodial account.
IRC Section does not allow participants to have direct or indirect control over the investments in a plan. Units of the portfolios are municipal securities and may be subject to market volatility and fluctuation. Please carefully consider the plan's investment objectives, risks, charges, and expenses before investing.
Read it carefully before you invest or send money. Skip to Main Content. Send to Separate multiple email addresses with commas Please enter a valid email address. Your email address Please enter a valid email address. Saving for College Overview. Compare Education Savings Options There are a number of investment accounts you can use to help save for a child's education.
Call a college savings representative Chat with a representative. At least part of the investment earnings may be exempt from federal income tax. Some or all may be taxed at the child's rate generally lower. Distributions are federal income tax-free. Account is considered an asset of the owner, not the child beneficiary. Lower weighting in financial aid eligibility formulas. Account is considered asset of the child beneficiary. Higher weighting in financial aid eligibility formulas.
Account is considered asset of the owner, not the child beneficiary. May be used for qualified college-related expenses, including tuition, books, etc. Assets must be used for the benefit of the child, but can include non-college expenses.
Withdrawals can be made at any time. May only be used for education college or K—12 expenses Can withdraw money only for the benefit of the child. Non-education uses will incur a penalty. Account owner may transfer account to another family member beneficiary. Contributions considered revocable gifts Owner controls the account; child is beneficiary. Contributions considered irrevocable gifts Distributions must be used for minor.
Custodian controls the account until it is transferred to the minor at the age of majority. Contributions considered irrevocable gifts Account owner controls the account; child is beneficiary. Beneficiary must be under 18 or 21, depending on state. Account owner chooses from portfolios with different exposure to equity and fixed income. Portfolios professionally managed by investment management company.
Account owner makes all investment decisions. Account owner controls the account until it is transferred to the minor at the age of majority. Account can invest in mutual funds and individual securities, including stocks and bonds. Next step Open an account Get started with a Fidelity-managed plan or custodial account.
Participant must be 18 years or older, must be a U. If the donor fails to survive the five-year period, a portion of the transferred amount will be included in the donor's estate for estate tax purposes.
Periodic investment plans do not guarantee a profit or protect against a loss in a declining market. College-related expenses refer to qualified higher education expenses as defined in section of the Internal Revenue Code.
For accounts only, the new beneficiary must have one of the following relationships to the original beneficiary: The spouse of a family member except a first cousin's spouse is also considered a family member. However, if the new beneficiary is a member of a younger generation than the previous beneficiary, a federal generation-skipping tax may apply. The tax will apply in the year in which the money is distributed from an account.
Portfolios are managed by Strategic Advisers, Inc. If you or the designated beneficiary is not a New Hampshire, Massachusetts, Delaware, or Arizona resident, you may want to consider, before investing, whether your state or the designated beneficiary's home state offers its residents a plan with alternate state tax advantages or other state benefits such as financial aid, scholarship funds and protection from creditors.
The tax and estate planning information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice. Fidelity does not provide legal or tax advice. Fidelity cannot guarantee that such information is accurate, complete, or timely. Laws of a particular state or laws which may be applicable to a particular situation may have an impact on the applicability, accuracy, or completeness of such information.
Federal and state laws and regulations are complex and are subject to change. Fidelity makes no warranties with regard to such information or results obtained by its use. Fidelity disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Always consult an attorney or tax professional regarding your specific legal or tax situation.
Please enter a valid ZIP code. Account minimums vary by firm. Beneficiary cannot be changed. Beneficiary must be under