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529 COLLEGE SAVINGS

Answers to Your 529 College Savings Plans Questions

Below are some answers to frequently asked questions. For help with your specific goals, consult your WoodmenLife Financial Representative and your tax and estate advisors1.

529 College Savings Plans are widely regarded as one of the top ways to invest for a future college education. With so many choices available in 529 College Savings Plans, and so many differences among plans, you’re likely to have questions about how specific features relate to your situation.

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EMAIL: WFSOperationsTeam@woodmen.org
CALL: 1-877-664-3332
MAIL: Woodmen Financial Services, Inc.
1700 Farnam Street, Suite 600
Omaha, NE 68102-2015

Investments are available through Woodmen Financial Services, Inc. (WFS). Visit our About page to learn more and access the Regulation Best Interest Disclosure and the Customer Relationship Summary.

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FREQUENTLY ASKED QUESTIONS

How Much Can I Contribute?

You can contribute up to $16,000 (or $32,000 if you and your spouse give and file jointly) to a 529 plan each year without owing federal gift taxes, provided you haven’t made other financial gifts to the plan beneficiary in the same year. In addition, you can elect to make a lump-sum contribution of up to $80,000 ($160,000 for married couples filing jointly) in the first year of a five-year period, provided you don’t give the beneficiary additional taxable gifts during the five-year period2.

What are the State Tax Benefits?

It depends on the state you reside in. Plan contributions to that state’s 529 plan may be eligible for state tax deductions. Check with your WoodmenLife Registered Representative or tax advisor3.

Who has Control of the Account?

A 529 plan offers the owner control over the plan, including flexibility in naming and changing the beneficiary.

Who can be the Beneficiary?

The beneficiary can be any age and generally can be changed to a qualified relative when needed.

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529 College Savings Plan Advantages

Paying for a child’s or grandchild’s college education is an expensive proposition, even for families that have saved diligently in pursuit of their goal.

Connect with WoodmenLife

Your WoodmenLife Financial Representative can also assist you with any questions you may have about 529 plans.

Disclosures

  1. WoodmenLife, its employees and Representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.

  2. If you die before the end of the five-year period, a prorated portion of the contribution will be considered part of your taxable estate.

  3. By investing in a 529 plan outside of your state of residence, you may lose any state tax benefits. Non-qualified withdrawals are subject to federal and state income tax and a 10% penalty. 529 plans are subject to enrollment, maintenance, management fees and expenses. Contact your tax advisor for details.

WEB61 - 1/11/2022

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© 2022 Woodmen of the World Life Insurance Society
Omaha, Nebraska

This is a solicitation of insurance and an agent may contact you.

Securities are offered through Woodmen Financial Services, Inc. (WFS), 1700 Farnam Street, Omaha, NE 68102, 877-664-3332, member FINRA/SIPC, a wholly owned subsidiary of Woodmen of the World Life Insurance Society (collectively “WoodmenLife”). Securities other than the WoodmenLife Variable Annuity are issued by companies that are not affiliated with WoodmenLife. This material is intended for general use with the public. WFS is not providing investment advice for any individual or any individual situation, and you should not look to this material for any investment advice. WFS has financial interests that are served by the sale of these products or services.

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