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Utilize the Bright Start 529 plan for college savings. Pay for tuition, supplies, room and board. Enjoy low fee investments plus state & federal tax benefits.
Illinois First Steps provides a free, one-time $50 seed deposit for Illinois residents when they open a Bright Start 529 account for a child born or adopted on January 1, 2023 or later.
With a Bright Start 529 account, you could save more with tax-deferred growth and 100% tax-free withdrawals for qualified expenses. Illinois taxpayers who are married, filing jointly, can reduce their state taxable income up to $20,000 per year, and Illinois taxpayers who are filing individually may deduct up to $10,000 per year. 3
Bright Start is a direct plan that individuals can sign up for and manage on their own. Families can open a Bright Start account by visiting BrightStart.com. The Bright Start website will help you learn the basics of a 529 college savings account and provide additional resources and tools so you can start saving for your child’s future today.
That’s why I’m proud to announce that our Bright Start Direct-Sold 529 College Savings Plan will undergo some exciting changes this July, offering you even more great ways to plan for your child’s future. Here’s what you can expect from the enhanced plan: Lower Costs.
Illinois residents can deduct up to $10,000 ($20,000 if filing jointly). If you prefer to work with a financial advisor, our award-winning Bright Directions 529 plan offers guided college investing options.
Explore Illinois 529 plans: tax benefits for in-state contributions, Bright Start, Bright Directions, and prepaid tuition options. Enroll and invest wisely.