1The combined maximum account balance limit for the CollegeCounts 529 Fund and all other Section 529 programs established and maintained by the State of Alabama for a particular beneficiary cannot exceed $475,000. Although account balances can grow beyond that amount, no additional contributions can be made once the balance reaches $475,000.
2The amount contributed by an Alabama taxpayer during a tax year is deductible from Alabama income in an amount not to exceed $5,000 for a single return or $10,000 for a joint return for that tax year. If you also contribute to another Alabama 529 account, your maximum total deduction on all contributions is still $5,000 per year ($10,000 for married couples filing jointly). The amount of any deduction previously taken for Alabama income tax purposes is subject to recapture in the event an Account Owner takes a Nonqualified Withdrawal from an Account or if such assets are rolled over to a non-Alabama 529 plan. Please consult with your tax professional.
3Contributions can be made for a beneficiary from birth to age 18. The account may remain open until the beneficiary reaches age 30, with certain limitations.
4Custodianship typically terminates when a minor reaches age 18 or 21.
5ESA eligibility phases out at $95,000–$110,000 adjusted gross income ($190,000– $220,000 for joint filers). Please check with your tax advisor for details and information regarding your specific situation.