Who can open an account?
An account can be established by an individual, a UGMA/UTMA custodian, certain legal entities, or a trust. There are no income or residency requirements.
How do I open an account?
Enroll online, or call 866.529.2228. Enrollment kits are also available for download, or they can be mailed to you for completion.
Who can be a beneficiary?
Anyone, including yourself, can be named as a beneficiary. There are no age, income, or residency limitations. Each account can have one designated beneficiary.
Who can make contributions?
Parents, grandparents, other relatives—anyone, really—can contribute to a CollegeCounts 529 Fund account on behalf of the beneficiary.
What is the Alabama state income tax deduction for contributions to the CollegeCounts 529 Fund?
Contributions to the CollegeCounts 529 Fund are Alabama tax deductible up to:
- $5,000 per Alabama taxpayer.
- $10,000 for married Alabama taxpayers filing a joint return where both taxpayers are making such contributions.
The amount contributed by an Alabama taxpayer during a tax year is deductible from Alabama income in an amount not to exceed $5,000 for […]
How are contributions made?
The plan is very flexible. You can contribute by:
- Sending a check.
- Establishing an automatic investment plan.
- Rolling over funds from another 529 plan.
- Invite family and friends to make a contribution to your account through CollegeCounts GiftED.
- Establishing a payroll deduction at work (check with employer for availability).
- Transferring reward dollars earned with […]
Can I transfer assets from another 529 plan?
Yes. You can complete a rollover form to transfer assets from another 529 plan and gain the benefits of the Alabama state income tax deduction. A same-beneficiary rollover/transfer is allowed once in a 12-month period. Additional transfers are allowed but require a change of beneficiary. There may be potential adverse tax consequences if the […]
Is the Program audited?
Each year an independent public accountant selected by the Program Manager will audit the Plan. The auditors will examine financial statements for the Plan. The Board may also conduct audits of the Program and Trust.
Where can I obtain a copy of the audited financial statements?
You can download copies of the latest audits by clicking here:
What is the legal structure of the Program?
The CollegeCounts Board acts as trustee and is responsible for the overall administration of the Program. The Board has delegated day-to-day administration of the Program to the Treasurer. The Board has selected Union Bank & Trust Company to serve as Program Manager. […]