Help Your Clients Reach Their Savings Goal

Why Choose Ohio's 529 Plan For Your Clients?

Whether you enroll your clients in the BlackRock CollegeAdvantage Advisor 529 Savings Plan (Advisor Plan) or you encourage your clients to enroll themselves and manage their own CollegeAdvantage Direct 529 Savings Plan (Direct Plan), your client gets the same great benefits. Information about the BlackRock CollegeAdvantage Advisor 529 Plan is available from BlackRock. To learn more about the CollegeAdvantage Direct Plan, please explore this website.

If you would like to have a supply of brochures on hand to give to your clients about the CollegeAdvantage Direct Plan (for clients to enroll and manage themselves), please submit your request to CustomerService@CollegeAdvantage.com. Just tell us how many brochures to send and where to mail them.

  • Up To $4,000 Ohio Tax Deduction

    Any Ohio taxpayer (account owners and non-account-owner contributors) can deduct up to $4,000 in contributions per year, per beneficiary from their Ohio taxable income for contributions to CollegeAdvantage (Advisor Plan or Direct Plan). They can also, of course, make a larger contribution and take the excess deductions in future years, with unlimited carry-forward.

  • Income Tax Benefits

    Your clients will pay no federal or State of Ohio income taxes on earnings when withdrawals are used to pay for qualified higher education expenses.

  • Gift Tax Benefits

    Your clients may contribute up to $18,000 as an individual or $36,000 as a married couple before gift tax consequences apply. A special gift-tax election enables your client to make five years' worth of gifts (up to $90,000, or $180,000 for married couples) in a single year to a single beneficiary, without triggering the federal gift tax.

  • Estate Tax Benefits

    Generally, contributions are treated as completed gifts and not included in the account owner's gross estate for estate tax purposes, even though the account owner retains control over the assets.

  • Account Limit On Contributions 

    Your clients can contribute until the beneficiary’s total account balance has reached the Account Limit on Contributions. As of January 1, 2023, the limit is $523,000.

  • Asset Protection

    Ohio's 529 plan may also help protect Ohio residents' assets. Under Ohio law, the assets in CollegeAdvantage qualify for preferential treatment and may be shielded from creditors in certain cases.

  • Account Owner Maintains Control

    Your clients never lose control of their account, so they can be sure their savings are spent wisely. They decide when and how money is withdrawn to pay for college. If their student decides not to attend college, they can name a new beneficiary, or choose to leave the funds in the account. If your clients need their savings for another purpose, they can withdraw the funds, although the earnings would be taxed and assessed a 10% federal penalty.

Account owners and non-account-owner contributors should consult a tax advisor for guidance about the tax implications of owning, making changes to, or contributing to a 529 plan.

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