529 Plans

A 529 plan, available through PNC Investments, is a tax-advantaged investment vehicle designed to encourage saving for the future education expenses of the plan's beneficiary.

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Key Features
Tax Advantages

Your investment accumulates tax-deferred, and qualified withdrawals are not subject to federal (and some state) income taxes 

Open to Anyone

There are no income restrictions, assets are the property of the account owner, and the account owner can change the beneficiary at any time

You’re in Control

The account owner can decide when withdrawals are made, and for what purpose

Features & Benefits

A 529 plan is a tax-advantaged investment vehicle (typically sponsored by states or state agencies) designed to encourage saving for the future education expenses of the plan’s beneficiary. A 529 plan can be used to pay for qualified education expenses at most accredited colleges and universities, as well as tuition expenses at both public and private elementary and secondary schools (K-12). 529 plans can also be used for certain apprenticeship programs or to pay principal or interest on a qualified education loan. There is no cap for qualified college expenses. For K-12 tuition there is an annual cap of $10,000. For apprenticeship programs or loan payments, there is a lifetime cap of $10,000 per beneficiary.

  • Named for section 529 of the Internal Revenue Code
  • Typically sponsored by state or state agency
  • Open to anyone, regardless of income level
  • Investments grow tax-deferred
  • Assets are the property of the account owner
  • Qualified withdrawals (withdrawals of funds used for education purposes) are not subject to federal (and some state) income taxes
  • Account owner decides when to withdraw funds, and for what purpose
  • Account owner may change the account’s beneficiary at any time

 

Understanding 529 Plans

Learn about 529 plans, popular tools for college savings, and how they can help.

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Associated Product & Services

The following information may be provided by PNC Investments affiliates, including PNC Bank, PNC Wealth Management® or PNC Institutional Asset Management®:

Virtual Wallet Student

Virtual Wallet Student from PNC is a primary checking, interest-bearing checking and savings account all rolled into one student bank account.

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Custodial Accounts (UTMA)

A custodial account under the Uniform Transfers to Minors Act (UTMA), provided by PNC Investments, allows you to save for your child or grandchild's future needs. This includes higher education expenses.

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Roth IRA

If you meet certain income qualifications, you can use a Roth IRA to invest towards your retirement with tax-free earnings, with potential tax-free withdrawals in retirement.

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How PNC Investments Does Business

Learn how PNC Investments does business, including our qualifications, business practices, fee schedules, and options for how you can work with us by reviewing our Client Relationship Summary, Overview of Products and Services and more. View Details »