Program to boost college savings

Aim is 529 plans for Marshallese

Posted: September 24, 2017 at 1 a.m.

Hundreds of Marshallese kids will get a kickstart to their college savings under a local program that launches next month and aims to get more Marshallese into higher education.

529 plans

One option for families looking to save for their children’s higher education is a 529 investment plan. This kind of plan in Arkansas:

• Allows families to deduct their taxable income by the amount they put into the account each year, up to $5,000 per parent, when calculating Arkansas income taxes

• Allows families to avoid paying state and federal taxes on the 529 investments’ earnings

• Charges an annual fee of 0.5 percent of the account’s holdings, or 50 cents per $100

• Requires a $25 minimum to open an account.

• For more information or to enroll in a plan, go to arkansas529.org.

Source: Arkansas 529 College Investing Plan

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