The Hartford® SMART529® College Savings Plan, offered by the Board of Trustees of the West Virginia College and Jumpstart Savings Programs, 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.
- There are no limits on contributions until your account balance exceeds $550,000
- Minimum amount to set up a SMART529 account: $2501
- 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.