What is a Next Gen 529 plan?
NextGen 529 is Maine's section 529 plan. A 529 plan is an investment plan designed primarily to help families save for higher education. These plans are called 529 plans because they are described in Section 529 of the U.S. Internal Revenue Code.
How do I withdraw from Merrill Lynch 529?
You can request a distribution online by signing into your account at www.merrilledge.com. If you'd like to verbally request a distribution: Call 877-4-NEXTGEN (877-463-9843) or submit via Secure Messaging at MerrillEdge.com See Section 6 for important information regarding your withdrawal request.
Are 529 contributions tax deductible in Maine?
Maine residents who contribute to any state's Section 529 plan used to receive a state income tax deduction of up to $250 per beneficiary per tax return.
How do I set up a Next Gen account?
Open an Account
- Social Security number and date of birth.
- Valid mailing and email addresses.
- Employment information (including company name, address, and start date)
- General financial information (such as annual income and household net worth)