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We want you to be 100% comfortable with your Indiana529 Direct Savings Plan. Find answers to common questions, or reach out to our Client Services team.
Contact Us
clientservice@indiana529direct.com
1-866-485-9415
Regular Mail:
Indiana529 Direct Savings Plan
P.O. Box 219418
Kansas City, MO 64121
Overnight Delivery:
Indiana529 Direct Savings Plan
1001 E 101st Terrace, Suite 200
Kansas City, MO 64131
Managing Your Account
Absolutely! Unlike other education savings options, an Indiana529 Direct account owner controls the account. That means you can change your beneficiary to another member of the family, as outlined in the Disclosure Booklet.3
There are many ways to contribute to your Indiana529 Direct account, including:
- Electronic funds transfer (opening contribution of $10) from your checking or savings account
- Automatic investment plan (opening contribution of $10) with scheduled contributions in set amounts from your checking or savings account4
- Payroll deduction (of $10 or more) through participating employers4
- Check (made payable to Indiana529 Direct Savings Plan)
- Rollover from another 529 plan
- Rollover from an Education Savings Account or a qualified Series EE or Series I U.S. Savings Bond
- Ugift® (minimum of $10)
- Upromise® (minimum of $25)5
No. Indiana529 Direct is not insured or guaranteed, with the exception of the Savings Portfolio, which is insured by the FDIC. Investment returns will vary depending upon the performance of the Portfolios you choose. Depending on market conditions, you could lose all or a portion of your investment.
Ugift® is Indiana529 Direct that allows friends and family to contribute directly into your 529 account. So instead of a toy your child will outgrow, loved ones can give the meaningful gift of money toward future education. Thousands of Indiana families are already using Ugift® to boost their savings.
All you have to do is log in to your Indiana529 Direct account and share your beneficiary's unique Ugift® code. Gifters will use this code by entering it at Ugift529.com, where they can contribute directly into your account. Gifters can even set up a profile at Ugift529.com and set up recurring gifts!
Tip: if you use the READYSAVE™ 529 mobile app, you can share your Ugift® code via text with just one click. It's the easiest way to share!
Effective January 1, 2024, 529 account owners will be able to rollover savings from their 529 plan account into a Roth IRA without incurring any federal income tax or penalty. The Roth IRA must belong to the same beneficiary, and the lifetime rollover limit is $35,000. To be eligible, the 529 account must have been open for at least 15 years and the rollover amount must have been in the 529 account for 5 years.
529 to Roth IRA rollovers will also count toward annual Roth IRA contribution limits, but Roth IRA income limits do not apply for this type of contribution. Please note: Roth rollovers are deemed a non-qualified expense for the purposes of the Indiana state tax credit and are subject to tax credit recapture of previously claimed credits.6 For more information, please read the Disclosure Booklet.
1Earnings on non-qualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. Tax and other benefits are contingent on meeting other requirements and certain other withdrawals may be subject to federal, state, and local taxes.
2In the event the donor does not survive the 5-year period, a pro-rated amount will revert back to the donor's taxable estate.
3Section 529 defines a family member as: a son, daughter, stepson or stepdaughter, or a descendant of any such person; a brother, sister, stepbrother, or stepsister; the father or mother, or an ancestor of either; a stepfather or stepmother; a son or daughter of a brother or sister; a brother or sister of the father or mother; a son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law; the spouse of the beneficiary or the spouse of any individual described above; or a first cousin of the beneficiary. Gift or generation-skipping transfer taxes may apply. Please consult with your tax advisor for further information.
4A plan of regular investment cannot assure a profit or protect against a loss in a declining market.
5Upromise® is an optional program offered by Upromise®, LLC, is separate from Indiana529 Direct Savings Plan, and is not affiliated with the State of Indiana. Terms and conditions apply to the Upromise® program. Participating companies, contribution levels, and terms and conditions are subject to change at any time without notice. Transfers from Upromise® to an Indiana529 Direct account are subject to a $50 minimum and do not count towards the Indiana state tax credit.
6 Indiana taxpayers are eligible for a state income tax credit of 20% of contributions to an Indiana529 Direct Savings Plan account, up to $1,500 credit per year ($750 for married couples filing separately). This credit may be subject to recapture from the account owner (not the contributor) in certain circumstances, such as rollovers to another state's 529 plan, federal non-qualified withdrawals, withdrawals used to pay elementary or secondary school tuition for a school outside of Indiana, education loan repayments, or rollovers to a Roth IRA account, as described in the Disclosure Booklet.
