Education Trust Fund Alabama Withdrawal
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FAQ
An Alabama taxpayer filing jointly is eligible for an Alabama State income tax deduction of up to $10,000 for rollover contributions to the Alabama College Counts 529 Fund.
Contributions, including rollover contributions, to an Alabama 529 plan of up to $5,000 per year by an individual, and up to $10,000 per year by married taxpayers filing jointly who each make their own contributions, are deductible in computing Alabama taxable income.
529 College Savings Plans in Alabama Plan NameProgram TypeFeesCollegeCounts 529 Fund Find an Advisor Read ReviewCollege Savings Plan0.02% to 0.63%CollegeCounts Advisor-Guided 529 Fund Find an Advisor Read ReviewCollege Savings Plan0.66% - 1.52% 16-May-2023
Please consult with your tax professional. Withdrawals used to pay for qualified higher education expenses are generally free from federal and Alabama state income tax. The earnings portion of a non-qualified withdrawal is subject to federal income tax and 10% federal penalty tax.
The CollegeCounts 529 Fund is a qualified tuition program under Section 529 of the Internal Revenue Code that is offered by the State of Alabama. CollegeCounts makes it easy for parents, grandparents, family and friends to invest in the next generation.