This planner takes into account the current age of your child and when he/she plans to start college, your savings goals, the estimated future cost of college and other important factors. Explore different scenarios and find a plan that works for you. If you have more than one child, simply hit reset, clear the data, and start a new plan.
Based on your selected school and education cost inflation rate.
Based on your goal to fund % of the total cost.
Great Job! You'll reach 100% of your goal at your current rate of saving.
Remember every bit counts. It's more important to save what you can, even if it's less than planned.
Earnings, if any, from your 529 account grow free from federal and state taxes. Potential tax savings does not reflect benefits of any state income tax deduction for plan contributions.
COST OF COLLEGE
2116263
The results presented are hypothetical illustrations and may not reflect the actual growth, if any, of your investment in a particular 529 plan. Any hypothetical rate of return used does not reflect actual performance or predict future results of the program. Rates of return will vary over time. Investments which seek to achieve higher rates of return are more volatile and involve a higher degree of risk. The calculator takes into account tax variables based upon what you select. There may be limitations or restrictions on eligibility for tax benefits depending on the tax code in your state of residency.
These calculations do not constitute investment advice. As your financial situation changes, you should review your investment goals, time period for college investing, and personal financial situation and reassess whether you are investing enough to meet your college savings goals. You may want to consult with a qualified advisor before making an investment.
The calculations do not reflect management, administrative and other fees associated with 529 plans. If these fees had been reflected, any growth of the total contribution during the same investment period would have been lower.
Before investing in a 529 plan, consider the investment objectives, risks, charges and expenses. Contact 1-800-544-5248 for a Plan Description containing this and more information. Read it carefully.
Before investing in a 529 plan, consider whether the state where you or your Beneficiary resides has a 529 plan that offers favorable state tax benefits that are available if you invest in that state's 529 plan.
The tax information contained herein is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding tax penalties. In some states with income taxes, the 529 tax savings may differ from the state income tax rate. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor. Non-qualified withdrawals may be subject to federal and state taxes and the additional federal 10% tax.
Investments in a 529 Plan are neither insured nor guaranteed and there is the risk of investment loss. Account value will fluctuate based upon a number of factors, including general financial market conditions.
TIAA-CREF Tuition Financing, Inc., the States and their agencies are not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by this tool and are not responsible for any human or mechanical errors or omissions.
Your Marginal Federal Tax Rate is the rate at which the IRS taxes your last dollar of income. Federal tax rates vary from 10% to 37%. For guidance in estimating your federal income tax rate, check your most recent federal income tax forms, or use the following 2023 rates.
| Filing Status | Income | Income | Income | Income | Income | Income | Income |
|---|---|---|---|---|---|---|---|
| Individuals | $0 to $11,000 | $11,000 to $44,725 | $44,725 to $95,375 | $95,375 to $182,100 | $182,100 to $231,250 | $231,250 to $578,125 | $578,125 or more |
| Married Filing Jointly | $0 to $22,000 | $22,000 to $89,450 | $89,450 to $190,750 | $190,750 to $364,200 | $364,200 to $462,500 | $462,500 to $693,750 | $693,750 or more |
| Tax Rate | 10% | 12% | 22% | 24% | 32% | 35% | 37% |
Search by the state or school name where your child may attend college to get a list of schools to select from
This is the maximum contribution that qualifies for the 529 State Tax Deduction or Credit
This tool helps to determine the maximum 529 plan state tax deduction or tax credit (by filing status) that is applicable to residents of your state who are planning to invest in an in-state or out-of-state 529 plan (where applicable).
If applicable, the maximum will be displayed in the "Maximum State Tax Deduction/Credit" field and then compared to your new/planned contributions, combined with your state tax rate, and used in the 529 tax savings in the results.