529 account support & FAQs
What is the minimum investment to open a plan?
Can the funds in a Franklin Templeton 529 account be used for a school outside of New Jersey?
Does the account owner own the plan?
Can the account owner change the beneficiary?
Who can open a Franklin Templeton 529 account?
What are qualified education expenses?
What happens if the beneficiary does not go to college?
Can I change the investment options?
How do I withdraw funds from the account?
How are withdrawals reported to the IRS?
What is a Trump Account?
Can a Trump Account be used for college?
How does a Trump account differ from 529 plan?
Can my child have both a Trump Account and a 529 plan?
Footnotes
- Refer to the Program Description for additional information.
- Qualified education expenses and eligible institutions are defined by federal law and are subject to change. K–12 tuition distributions are limited to up to $20,000 per beneficiary per year. State tax treatment of K–12 distributions may differ from federal tax treatment. Student loan repayment distributions are limited to a lifetime maximum of $10,000 per beneficiary and $10,000 per eligible sibling. Roth IRA rollovers are subject to a $35,000 lifetime limit, account age requirements, annual Roth IRA contribution limits, and other federal requirements. Earnings on distributions used for non-qualified expenses may be subject to federal and state taxes and an additional tax. Consult your tax advisor regarding your specific situation.
- SECURE Act 2.0. Transfers are subject to Roth IRA contribution limits, and the account must have been open for more than 15 years. Other conditions apply. For more information please visit: https://www.finance.senate.gov.
All investments involve risk including possible loss of principal.
Investors should carefully consider the 529 plan’s investment goals, risks, charges and expenses before investing. To obtain the Program Description, which contains this and other information, talk to your financial professional or call Franklin Distributors, LLC, the manager and underwriter for the 529 plan at (800) DIAL BEN/342-5236 or visit franklintempleton.com. You should read the Program Description carefully before investing and consider whether your, or the 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 its qualified tuition program.
Franklin Templeton’s 529 College Savings Plan is offered and administered by the New Jersey Higher Education Student Assistance Authority (HESAA); managed and distributed by Franklin Distributors, LLC, an affiliate of Franklin Resources, Inc.,
which operates as Franklin Templeton.
Investments in Franklin Templeton’s 529 College Savings Plan are not insured by the FDIC or any other government agency and are not deposits or other obligations of any depository institution. Investments are not guaranteed by the State of New Jersey, Franklin Templeton, or its affiliates and are subject to risks, including loss of principal amount invested. Investing in the plan does not guarantee admission to any particular primary, secondary school or college, or sufficient funds for primary, secondary school or college.
This material is being provided for general informational and educational purposes and should not be considered or relied upon as legal, tax or investment advice or an investment recommendation, or as a substitute for legal or tax counsel and provided for educational and informational purposes only. Franklin Templeton does not provide legal or tax advice. Federal and state laws and regulations are complex and subject to change, which can materially impact your results. Franklin Templeton cannot guarantee that such information is accurate, complete or timely; and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information.