The 529 college savings plan is a popular way to set aside money for your child or grandchild's education while receiving some tax benefits, but each state handles 529 plans differently.

This video will break down how the state of Illinois does 529 college savings plans including:
- What the 529 college savings plan is
- How Illinois 529 plans differ from other states
- The difference between the "Bright Start" and "Bright Directions" plans for Illinois 529 plans
- State vs. Federal tax implications
- What expenses qualify for 529 plans in Illinois
- What the limits are for contributing to a 529 plan in Illinois

Want to learn more tax savings strategies for 2024? Watch my next video "Don't Pay More Taxes Than You Need to: How to Save Big in Retirement"    • Don't Pay More Taxes Than You Need To...  

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Link: Edvest.com 529 Direct to Investor plans - https://www.edvest.com/
Does your state offer income tax deductions for 529 plans? - https://finaid.org/savings/state529de...

Chapters:
0:00 What the Illinois 529 Plan?
0:22 Income Tax Deductions
2:50 529 Contribution Limits
4:14 2 Illinois 529 Plan Options
6:44 What Expenses Qualify to Use 529 Funds On
10:10 Rules and Exclusions
10:48 Can I Have Too Much in a 529 Plan?
12:22 Summary

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Maximize Your Retirement Income!
Lower Your Lifetime Tax Bill
Avoid Mistake with Your Pension
Get the Most out of Social Security

Don’t miss out on the money you deserve in retirement – just because you got the timing wrong!

If you’re trying to find the answers to these questions:
- How do I get the most money out of my Social Security & Pension?
- How do I lower my lifetime tax bill?
- How do I turn my $500k+ retirement savings into retirement income?
Then schedule an intro call with the team at Keil Financial Partners:
https://calendly.com/d/3wq-24m-d4p
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Jeremy Keil, aka “Mr. Retirement” and Keil Financial Partners offer retirement planning services focused on retirement income and tax planning, Social Security and pension claiming decisions, health & life insurance analysis and estate planning strategies.
For important disclosures, see www.keilfp.com/important-disclosures