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Which College Savings Approach is right for you?
Federal Tax Benefits
State Tax Benefits
Contribution Limits
Who can contribute
Usage of Funds
FAFSA Consideration
Disability
Federal Tax Benefits
State Tax Benefits
Contribution Limits
Who can contribute
Usage of Funds
FAFSA Consideration
Disability
Federal Tax Benefits
State Tax Benefits
Contribution Limits
Who can contribute
Usage of Funds
FAFSA Consideration
Disability
529 College Savings Plans
Tax-free withdrawals for qualified expenses
Up to a $300 Oregon state tax credit
$350,000 and up (varies by state)
Anyone
Qualified educational expenses
Considered an asset of the parent equating to substantially lower EFC requirements
Can transfer to an ABLE account
Custodial Accounts
(UGMA/UTMA)
First $1100 of unearned income is tax-free and the next $1100 is taxed at the child’s tax rate. Unearned income of more than $2200 will be taxed at the parent's rate
None
Unlimited
Anyone
Wide use
Considered an asset of the child, equating to substantially higher EFC requirements
None
Which 529 Plan is right for you?
Minimum Contributions
Upfront Sales Charge
Total Asset-Based Expense Ratio
State Tax Credit Eligibility
Federal Tax Benefits
Minimum Contributions
Upfront Sales Charge
Total Asset-Based Expense Ratio
State Tax Credit Eligibility
Federal Tax Benefits
Minimum Contributions
Upfront Sales Charge
Total Asset-Based Expense Ratio
State Tax Credit Eligibility
Federal Tax Benefits
529 Current Impact on FAFSA
Are 529 Plans counted as assets on the Free Application for Federal Student Aid (FAFSA)?
A 529 Plan is considered an asset by FAFSA.
529 Plans owned by the student or parent are considered assets on the FAFSA, however, these assets are considered "parental assets." About the first $10,000 of parental assets fall under the asset protection allowance and will not be counted on the Expected Family Contribution (EFC) section.
For those assets that exceed the allowance, the student's aid package may be reduced up to a maximum of 5.64% of the assets value.
Solar Panels
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Incentive
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$0.40/AC output watt
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Maximum Incentive
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Up to $2,500
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Rebate
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Up to $5,000 for a solar electric system and $2,500 for an energy storage system
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Income-based rebates
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Up to $30,000 for solar electric and $15,000 for an energy storage system
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Federal Tax Credit: 26% of the cost of the system
Requirements:
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The solar PV system is located at your primary or secondary residence
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You own the solar PV system
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The solar PV system is new or being used for the first time.
*Limits, exclusions, and requirements may apply. Additional rebates and grants may be available for low income customers.
Installing solar panels allows you to produce clean, renewable power at your home
Ask us how this may be incorporated into your financial plan!
Electric Vehicles (EV)
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Rebate
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Up to a $500 charging station rebate for residential customers
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Standard Rebate Option
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$2,500 towards the purchase or lease of a new plug-in/batter EV (battery capacity of more than10 kWh)
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$1,500 towards the purchase or lease of a new plug-in/batter EV (battery capacity of less than10 kWh)
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$750 towards the purchase or lease of a zero-emission electric motorcycle
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Charge Ahead Rebate Option
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$2,500 towards the purchase or lease of a new or used plug-in hybrid/battery EV
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Federal Tax Credit: Up to $7,500
Requirements: Varies based on the capacity of the battery used to power the vehicle
*Limits, exclusions, and requirements may apply. Additional rebates and grants may be available for low income customers.
Purchasing an EV may provide you with cost savings while also qualifying for tax credits
Ask us how this may be incorporated into your financial plan!
Ductless heat pumps are electric powered and cheaper to install and operate than any other heating system. Easy to maintain, provide bill savings, and improve air quality.
By switching to a heat pump water heater you could potentially reduce energy waste and hot water cost substantially.
By installing insulation, you can keep your home comfortable and reduce energy waste throughout the year. This can provide up to 10% savings on your annual heating bills*
*Source: rtf.nwcouncil.org
Replacing old windows with ENERGY STAR® certified windows lowers household energy bills by an average of 12 percent.*
*Source: energystar.gov
ENERGY STAR® certified clothes washers use about 25% less energy and 40% less water than regular washers.*
*Source: energystar.gov
Purchasing an EV may provide you with cost savings while also qualifying for tax credits