Learning Quest was created by the State of Kansas and the Kansas State Treasurer in partnership with American Century® Investments to create a comprehensive 529 Plan for education savings with some of the most attractive features in the nation.
Account Management and Control:
> Anyone can open an account – parents, grandparents, siblings, or friends (any U.S. citizen or resident). Anyone can be named beneficiary – even yourself. Account owner controls distributions and beneficiary designation.
Flexibility:
> Student can attend any accredited U.S. post-secondary school including vocational and technical schools.
Low monthly investment minimums per beneficiary/per account:
> Kansas residents - $25 automatic monthly or $500 lump sum.
> Non-Kansas residents - $50 automatic monthly or $2,500 lump sum.
Tax Advantages:
> Up to $2,000 ($4,000 couples) annual Kansas State adjusted gross income deduction per beneficiary. Missouri maximum $16,000.
> Qualified withdrawals are federal income tax free beginning in 2002.
Contributions:
> Direct deposit (complete payroll direct deposit form) or
> Automatic withdrawal from checking/savings account.
Withdrawals:
> Account must be open for 24 months before withdrawals can be made for a qualified education expense without penalty.
> Non-qualified withdrawals subject to a 10% penalty plus required taxes.
Enrollment Kit or Additional Information:
Complete the coupon in brochures available from OFM-Benefits, or call 800/579-2203, or visit web sites: www.learningquestsavings.com or www.kansasstatetreasurer.com
