Your child’s dreams are limitless, and you can use their College SAVE funds to support them whatever the future holds. Withdrawal funds tax free for a wide range of qualified expenses,1 including:
Use your 529 savings to cover certain K–12 expenses related to enrollment or attendance at an elementary or secondary public, private or religious school, including:
Annual limit: $20,000 per beneficiary
Please review Plan Disclosure Statement for more information on approved qualified expenses.
A qualified postsecondary credentialing expense can include:
To determine credentialing eligibility, North Dakota residents should reference the ND WIOA Eligible Training Providers listing. Here, you’ll find North Dakota Workforce Innovation and Opportunity Act training providers, program titles, and program lengths.
If your child chooses a path outside traditional education, you still have options for your College SAVE account:
For whatever the future holds, saving today gives them more opportunities tomorrow.
1Earnings on non-qualified distributions may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements.
2An eligible institution is one that is eligible for federal financial aid programs.
3For designated beneficiary changes to occur without federal or state income taxes, the new designated beneficiary must be a Member of the Family of the former designated beneficiary.
4The Roth IRA must belong to the same beneficiary, and the lifetime rollover limit is $35,000. To be eligible, the 529 account must have been open for at least 15 years and the rollover amount must have been in the 529 account for 5 years. 529 to Roth IRA rollovers will also count toward annual Roth IRA contribution limits, but Roth IRA income limits do not apply for this type of contribution.
5Rollovers must be reinvested into an ABLE Plan within sixty (60) days of the withdrawal date. A rollover for the same Beneficiary is restricted to once per 12-month period. Rollovers into ABLE Plan accounts are subject to the annual contribution limits for ABLE Plan accounts. A member of the family of a beneficiary means an individual as defined in Section 529(e)(2) of the Internal Revenue Code, as amended. Generally, this definition includes a beneficiary’s immediate family members such as a child or stepchild; a sibling, stepsibling, or half sibling; a parent, or stepparent; a grandparent; a grandchild; a niece or nephew; an aunt or uncle; a first cousin; a mother- or father-in-law, son- or daughter-in-law, brother or sister-in-law; or a spouse of any of the previous individuals, except first cousin.
Ascensus Broker Dealer Services is the distributor of the North Dakota College SAVE plan, Learn more about Ascensus Broker Dealer Services, LLC on FINRA's BrokerCheck.
For more information about North Dakota's College SAVE Plan (College SAVE), call 1-866-SAVE-529 (1-866-728-3529) or click here to obtain a Plan Disclosure Statement. Investment objectives, risks, charges, expenses, and other important information are included in the Plan Disclosure Statement; read and consider it carefully before investing. Ascensus Broker Dealer Services, LLC (ABD) is Distributor of the College Save.
Please Note: Before you invest, consider whether your or the beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in that state’s qualified tuition program. You should also consult your financial, tax, or other advisor to learn more about how state-based benefits (or any limitations) would apply to your specific circumstances. You also may wish to contact directly your home state’s 529 college savings plan(s), or any other 529 plan, to learn more about those plans’ features, benefits, and limitations. Keep in mind that state-based benefits should be one of many appropriately weighted factors to be considered when making an investment decision.
College SAVE is a 529 plan established by the State of North Dakota. Bank of North Dakota (Bank) acts as trustee of College SAVE Trust, a North Dakota Trust, and is responsible for administering College SAVE Trust and College SAVE. ABD, the Plan Manager, and its affiliates, have overall responsibility for the day-to-day operations of the Plan, including recordkeeping and marketing. The Vanguard Group, Inc. (Vanguard) provides underlying investments for the Plan. The College SAVE's Portfolios, although they invest in mutual funds, are not mutual funds. Units of the Portfolios are municipal securities and the value of units will vary with market conditions.
Investment returns are not guaranteed and you could lose money by investing in College SAVE. Participants assume all investment risks, including the potential for loss of principal, as well as responsibility for any federal and state consequences.
Not FDIC Insured. No Bank, State or Federal Guarantee. May Lose Value.
Vanguard and the ship logo are trademarks of The Vanguard Group, Inc. Upromise is a registered service mark of Upromise, Inc. All other marks are the exclusive property of their respective owners. Used with permission.
© 2023 Bank of North Dakota. Ascensus Broker Dealer Services, LLC, Member FINRA. All Rights Reserved.
