A CollegeInvest 529 Account by FirstBank in Partnership with CollegeInvest
The Smart Choice College Savings plan can provide State and Federal Tax Benefits (please consult your tax advisor). Savings can be used for qualified expenses at eligible public or private colleges, universities or vocational schools. You get flexibility regarding when and how money is withdrawn to pay for college. You can name a new beneficiary if you need to. If you need your savings for another purpose, you can withdraw the funds. However, there are tax consequences for non-qualified withdrawals.
To learn about the CollegeInvest Smart Choice College Savings Plan, its objectives, risks, charges, limitations, restrictions and qualifications regarding the Plan's benefits and potential tax advantages, please read the Plan Disclosure Statement (PDS). Also, check with your home state to learn if it offers tax or other benefits for investing in its own plan.
Smart Choice College Savings Plans are not insured by CollegeInvest, the State of Colorado, or its agencies. However, these funds are FDIC insured in accordance with the current FDIC coverage limits.
Contributions to the Program in a tax year are deductible from Colorado state income tax up to the extent they are included in your federal taxable income for that year, subject to recapture in subsequent years in which non-qualified withdrawals are made.
The earnings portion of a non-qualified withdrawal is subject to federal income taxes and any applicable state and local income taxes, as well as an additional 10% federal penalty tax.
The combined maximum account balance limit for all section 529 plans established and maintained by the state of Colorado for a particular beneficiary cannot exceed $400,000. Although account balances can grow beyond that amount, no additional contributions can be made once that balance reaches $400,000.
For more information on tax benefits, please consult your tax advisor.
CollegeInvest is the issuer of plan securities and is the trustee of the plans in accordance with Colorado law. CollegeInvest also oversees the Managers' activities and provides certain administrative services, such as marketing, audit, and financial statements, in connection with the plans.
FirstBank Holding Company serves as the Plan Manager for the CollegeInvest Smart Choice College Savings Plan and has overall responsibility for the day-to-day operations, including effecting transactions. FirstBank Holding Company also assists CollegeInvest with marketing and distributing the CollegeInvest Smart Choice College Savings Plan.
CollegeInvest, the CollegeInvest logo, and the CollegeInvest Smart Choice College Savings Plan are registered trademarks. Administered and Issued by CollegeInvest.
There's no better gift than a brilliant future. Print a FirstBank gift receipt when you make a contribution to a loved one's College Savings Account, and contribute to their future success.
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