The College Illinois! 529 Prepaid Tuition Program offers a variety of tuition packages to Illinois families.
- Summary: The College Illinois! 529 Prepaid Tuition Program offers a variety of tuition packages to Illinois families.
- Program type: Prepaid contract
- Enrollment period: November 2, 2015 through May 31, 2016. Newborn enrollment continues until August 31, 2016.
- State residency requirements: The account owner or beneficiary must be an Illinois resident for at least 12 months prior to application.
- Contract prices: Pricing is specifically aligned to the age of your child when you purchase the contract. The younger your child is when you buy a contract, the more you save on the purchase of a prepaid tuition plan. For the 2015-16 enrollment period prices ranged from as little as $1,907 for a one-semester community college contract for a newborn, to as much as $92,507 for a nine-semester University of Illinois at Urbana-Champaign contract for a child in the ninth grade or higher.
- Are program benefits backed by the full faith and credit of the state? No
- Are program benefits collateralized or guaranteed in any other way? Yes, the legislature is required to consider, but not necessarily approve, an appropriation to cover the shortfall.
- State tax deduction or credit for contributions: Contributions to an Illinois 529 plan of up to $10,000 per year by an individual, and up to $20,000 per year by a married couple filing jointly, are deductible in computing Illinois taxable income. For a rollover contribution, only the principal portion is eligible for the deduction. Contribution deadline is December 31 postmark. For tax years ending on or between 12/31/09 and 12/31/20, employers may claim a credit against Illinois tax for 25% of matching contributions made to an employee's account in an Illinois 529 plan, with a maximum annual credit of $500 per employee. Unused credits may be carried forward for five years.
- Web site: Click here to visit
- Telephone: 1-877-877-3724
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