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Roll Over Your Out-of-State 529 Plan
Bright Start shines so bright that it has investors in all 50 states. If you've relocated to Illinois or you're looking to invest with a highly-regarded national leader, read below to learn why so many people roll their out-of-state 529 plans into Bright Start.
Discover the benefits of rolling over to Bright Start.
There are three main reasons why so many people roll another college savings plan into Bright Start. If you’re considering a rollover, one of these reasons may matter most to you – but you’ll benefit from all three of them.
Great Tax Benefits
Illinois offers an income tax deduction of up to $10,000 ($20,000 if filing jointly) for contributions made to Bright Start. For Illinois state income tax purposes the contribution portion of the rollover is eligible for the Illinois state income tax deduction. The contribution portion, or what you contributed to the out-of-state 529 (but not the earnings portion of the rollover), is treated as a return of the original contribution and is eligible for the Illinois income tax deduction.
Since 2017, Morningstar has ranked Bright Start as one of the top plans in the industry.* These consumer ratings evaluate performance, investment options, investment know how, fees, ease of use, and more. Investing for college can be a long-term arrangement: why not work with one of the best?
Flexible Investment Options
Bright Start offers a number of quality investment options including Age-Based, Target, and Individual Fund portfolios, and utilizes quality funds from 12 well-respected fund families such as Vanguard, T. Rowe Price, Dodge & Cox, DFA, and more.
Completing a rollover is as easy as 1-2-3.
Check out our easy three-step process for rolling over your existing 529 plan to Bright Start.
Review Your Existing 529
Review your current out-of-state 529 with your tax professional. You’ll want to consider any surrender charges or penalties the out-of-state 529 plan may impose and whether there are any recapture provisions.
Open Your Account
If you don’t have a Bright Start account set up yet, you’ll need to establish one.
Complete a Rollover Form
As part of completing our Rollover Form, you’ll need to:
- Obtain a Medallion Signature Guarantee on the form. A Medallion Signature Guarantee stamp can be obtained at a bank, credit union, broker, or other financial firm. Individuals should contact the bank, credit union, broker, or other financial firm you have an account with and inquire if the institution participates in the Medallion Signature Guarantee program.
- Mail the form to Bright Start and we’ll handle the rest.
Bright Start 529
P.O. Box 85298
Lincoln, NE 68501
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