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.[ssba_hide] [ssba_hide]
Anyone, including yourself, can be named as a beneficiary. There are no age, income, or residency limitations. Each account can have one designated beneficiary.
Parents, grandparents, other relatives—anyone, really—can contribute to a CollegeCounts 529 Fund account on behalf of the beneficiary.
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 a single […]
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 […]
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 […]
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.
You can download copies of the latest audits by clicking here: