Summary
Managed by Wells Fargo and available through brokers, Wisconsin's tomorrow's scholar 529 savings program features three age-based options and seven static portfolios utilizing mutual funds from Wells Fargo Advantage Funds, Columbia, Harbor, and ING.
Program
Details
•
Summary: Managed by Wells Fargo and available through brokers, Wisconsin's tomorrow's scholar 529 savings program features three age-based options and seven static portfolios utilizing mutual funds from Wells Fargo Advantage Funds, Columbia, Harbor, and ING.
Program manager: Wells Fargo Funds Management, LLC
•
State residency requirements: None
•
Maximum contributions: Accepts contributions until all account balances in Wisconsin's 529 plans for the same beneficiary reach $330,000.
•
Minimum contributions: $250, or $25 per month with the automatic contribution plan.
•
Age-based investment options: The Enrollment-Based Option is offered in 3 different risk levels (Aggressive Growth, Moderate Growth, and Conservative Growth), each containing 4 or 5 portfolios. Contributions are placed into the portfolio corresponding to the number of years to expected enrollment, and later reassigned to more conservative portfolios as the beneficiary approaches college enrollment.
•
Static investment options: Select among 6 multi-fund portfolios with varying risk tolerances and a money market portfolio.
•
Underlying investments: Mutual funds from Wells Fargo Advantage Funds, Columbia, Harbor, and ING.
•
Enrollment or application fee: None, but contributions may be subject to a sales charge depending on share class.
•
Account maintenance fee: $20 annually on accounts with $25,000 or less, waived for Wisconsin residents and for automatic deposits.
•
Program management fees: Ultra-Conservative Portfolio:
0.25% management fee (includes 0.05% fee to the state), plus distribution/servicing fees of 0.25% (Classes A and C)
All other portfolios:
0.30% management fee (includes 0.10% fee to the state), plus distribution/servicing fees of 0.25% (Class A), 1.00% (Class C)
•
Expenses of the underlying investments: Ranges from 0.20% to 0.87% (portfolio weighted average).
•
Total asset-based expense ratio: Class A: 0.70% - 1.42%
Class C: 0.70% - 2.17%
•
Program match on contributions: None.
•
State tax deduction or credit for contributions: Contributions to a Wisconsin 529 plan of up to $3,000 per beneficiary per year (any filing status) are deductible in computing Wisconsin taxable income. Contributors do not need to be the account owner to claim the deduction. Contribution deadline is December 31. Beginning in 2010, parents no longer need to claim their child as a dependent in order to claim the deduction; however, the maximum deduction is reduced to $1,500 for a parent who is married and filing separately or who is divorced, unless the divorce judgment specified a different division of the $3,000 combined maximum.
Copyright
2005 Savingforcollege.com, LLC. All Rights Reserved.
Bankrate disclaimer: The following disclaimer (revised only to the extent necessary to maintain consistent defined terms with Bankate.com’s Terms of Use) shall be displayed on or be accessible from the web pages(s) featuring Company’s Web Site Content: “The information contained in this material and related materials ("Information") is based on information from sources believed to be accurate and reliable and every reasonable effort has been made to make the Information as complete and accurate as possible but such completeness and accuracy cannot and is not guaranteed. The reader and user of the Information should use the Information as a general guide and not as the ultimate source of information. The Information is not intended to include every possible bit of information regarding the Information but rather to complement and supplement information otherwise available and the reader and user should use the Information accordingly. The Information contains information about tax and other laws and these laws may change. The reader and user should realize that any investment involves risk and the assumptions and projections used in the Information may not be how the investments turn out. The reader and user should consult with their own tax, financial and legal advisors about all of the Information.”
