Is bright start Illinois a good plan?
Bright Start Highly Rated!
Morningstar annually rates 529 college savings programs. Bright Start has been rated as one of the top 529 plans in the nation. Since 2017, Bright Start has earned a Gold medal from Morningstar – the highest consumer rating given to college savings programs.
Can I deduct my 529 contributions in Illinois?
You are allowed to subtract up to $10,000 in contributions if you are single and $20,000 if you are married filing a joint return for contributions you made to the “Bright Start” program, the "College Illinois" Illinois Prepaid Tuition Trust Fund, or the "Bright Directions" program during the tax year.
Does a 529 plan lock in tuition?
Section 529 college savings plans are tax-exempt college savings vehicles with a low impact on need-based financial aid eligibility. Unlike prepaid tuition plans, there is no lock on tuition rates and no guarantee.
Can a 529 be used out of state?
Most 529 plans, investment plans designed specifically for college savings, are available to both in-state and out-of-state residents. Plans vary in ability to switch 529s without tax penalty, minimum initial deposits, maximum contribution rules, and investment options and costs, as well as tax benefits, says O'Brien.