Click on the “Edit your answers” link to change the yearly school cost, expected scholarships and grants, inflation rate, expected rate of return, or current college savings balance.For example, if you would like to cover half of your child’s expected cost of attendance, set the slider to 50%. Confirm your child's age, your household income, the type of school you are saving for, and either your monthly contribution or the percent of costs covered slider.The World’s Simplest College Cost Calculator allows you to estimate costs based on school types (ie. Note that attendance costs and scholarship availability can vary considerably from school to school. This calculator is designed to help you create the most effective funding strategy to cover your expected college costs using a 529 plan. How much do you need to save for college expenses? The earnings portion of non-qualified withdrawals is subject to federal income tax, as well as an additional 10% penalty.Federal tax-free treatment of 529 plans applies to any funds withdrawn to cover qualified higher education expenses (QHEE) or K-12 tuition.Summary of using 529 plans for college expenses You can cover your college savings gap with student loans or other funding sources. To accurately predict your savings gap, the calculator accounts for your current savings, expected monthly contribution, and projected costs. All Rights Reserved.This college savings 529 calculator gives you a realistic picture of your projected savings and potential funding shortfalls.
© Copyright 2023 Hartford Funds Management Group, Inc. "The Hartford" is The Hartford Financial Services Group, Inc. SMART529 is distributed by Hartford Funds Distributors, LLC. Please read them carefully before you invest or send money. This and other information can be found in the Offering Statement for SMART529, including privacy notices, and the prospectuses or other disclosure documents for the Underlying Funds, which can be obtained by calling (866) 574−3542. You should carefully consider the investment objectives, risks, charges and expenses of SMART529 and its Underlying Funds before investing.
As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice. These materials are not intended to provide tax, accounting or legal advice.
The information cannot be used or relied upon for the purpose of avoiding IRS penalties. This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. Please see the Offering Statement for details of charges or fees that apply to the specific SMART529 savings plan. Investments in SMART529 are subject to certain charges, which will reduce the value of your Account as they are incurred. Investments in SMART529 are subject to investment risks, including the loss of the principal amount invested, and may not be appropriate for all investors. Investments in SMART529 are not guaranteed or insured by the State of West Virginia, the Board of Trustees of the West Virginia College and Jumpstart Savings Programs, the West Virginia State Treasurer's Office, HFMC, The Hartford Financial Services Group, Inc., the investment sub-advisers for the Underlying Funds or any depository institution. Before investing, an investor should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s 529 plan. West Virginia (WV) provides certain tax advantages to WV taxpayers that invest in SMART529 Direct. SMART529 Direct is available to residents of West Virginia or to non-residents where the beneficiary is a resident of West Virginia. SMART529 is a college savings plan offered by the Board of Trustees of the West Virginia College and Jumpstart Savings Programs and administered by Hartford Funds Management Company, LLC ("HFMC").
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How to Begin in Elementary & Middle School.
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