Here are the five largest state plans based on assets under management as of June 30, 2018, according to the College Savings Plan Network.
1. Virginia’s CollegeAmerica: This 529 plan is advisor-sold and holds $64.2 billion in assets under management.
A bonus: Virginia taxpayers may deduct up to $4,000 per year in contributions with an unlimited carryforward to future tax years.
2. New York’s 529 College Savings Program Direct Plan: You can participate in this plan without the help of a financial advisor. Currently, this plan holds $24.2 billion in assets under management.
Empire State residents saving in the state’s plan may be able to deduct up to $5,000 a year in contributions — $10,000 if married and filing jointly — when they file state income taxes
3. The Vanguard 529 Plan in Nevada: This plan holds $17.9 billion in assets under management. It’s available directly to investors. Residents don’t get a tax deduction for contributions.
4. The UNIQUE College Investing Plan in New Hampshire: This direct-sold plan has $12.7 billion in assets under management. New Hampshire doesn’t offer a deduction for residents who contribute to the plan.
5. Utah’s My529: Rounding out the top five, this direct-sold plan holds $12.6 billion in assets under management.
Utah residents contributing to the state’s plan qualify for a 5 percent state income tax credit, provided they contribute at least $1,960 per qualified beneficiary (if single) or $3,920 if married and filing jointly.
More from Personal Finance
College 529 savings plan balances hit an all-time high
More parents say ‘no’ to taking on more than $75,000 in student loans
Retirees are going back to school. Here’s how you can, too.