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About The Hartford SMART529

The Hartford® SMART529® College Savings Plan, offered by the West Virginia College Prepaid Tuition and Savings Program Board of Trustees, offers all the benefits of a 529 plan plus a range of investment options designed to help investors meet their college savings goals.

 

Who Can Buy This Plan

Any U.S. citizen or resident can open a SMART529 account, as can corporations and non-profit organizations.

West Virginia provides its residents with tax advantages for investing in a SMART529 plan. If your clients are residents of a state other than West Virginia, before investing in SMART529, they should compare their own state’s qualified tuition program and any state tax or other advantages it may provide.

 

State Income Tax Advantages

West Virginia taxpayers may deduct all of that year's total contributions to a SMART529 plan from their West Virginia Personal Income Tax return. This deduction is for contributions made during the calendar year for which the return is filed (deductions are subject to recapture if distributions are non-qualified).


Federal Income Tax Advantages

Earnings on contributions are tax-deferred, and are income tax free if funds from the plan are used for qualified education expenses, including tuition, certain room and board expenses and necessary fees and supplies.* See the Offering Statement for more information.

* Non-qualified withdrawals are taxable as ordinary income to the extent of earnings and may also be subject to a 10% federal income tax penalty.

 

Contribution Amounts

  • There are no limits on contributions until your account balance exceeds $400,000
  • Minimum amount to set up a SMART529 account: $250
  • Subsequent minimum contribution: $251

1For West Virginia residents, investment minimums are lower. Please see the Offering Statement for details.

 

Interested in a SMART529 Account?

SMART529 also offers SMART529 WV Direct to residents of West Virginia for purchase without a sales representative. This plan offers a more limited mix of investment choices than the The Hartford SMART529, but its expenses and fees are lower. In addition, SMART529 WV Direct is a "no load" (no sales commission) plan. For more information, visit the SMART529 WV Direct Website.

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SMART529 is offered by the West Virginia Prepaid Tuition and College Savings Program Board of Trustees and is administered by Hartford Funds Management Company, LLC (“HFMC”).

Investments in SMART529 are not guaranteed or insured by the State of West Virginia, the Board of Trustees of the West Virginia College Prepaid Tuition and Savings Program, the West Virginia State Treasurer's Office, HFMC, The Hartford Financial Services Group, Inc., the investment sub-advisors for the Underlying Funds or any depository institution and are subject to investment risks, including the loss of the principal amount invested, and may not be appropriate for all investors.

The Hartford SMART529 is available to all investors. West Virginia (WV) provides certain tax advantages to WV taxpayers that invest in The Hartford SMART 529. 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.

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, your clients should consult their own tax or legal counsel for advice.

Investors should carefully consider the investment objectives, risks and charges and expenses of SMART529 and its Underlying Funds before investing. This and other information can be found in the Offering Statement for SMART529 and the prospectuses or other disclosure documents for the Underlying Funds. Please read them carefully before investing or sending money. SMART529 college savings plans are distributed by Hartford Funds Distributors, LLC. Member SIPC

"The Hartford" is a registered trademark of Hartford Fire Insurance Company.

"SMART529" is a registered trademark of West Virginia Prepaid Tuition and College Savings Program Board of Trustees.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.

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