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The Hartford SMART529

The Hartford SMART5529

The Hartford® SMART529® College Savings Plan, offered by the West Virginia College Prepaid Tuition and Savings Program Board of Trustees, offers all the benefits of a 529 plan plus a range of investment options so you can choose the investment strategy that's right for you.

Facts at a Glance

Who Can Purchase This Plan
Any U.S. citizen or resident can open a SMART529 account, as can corporations and non-profit organizations.

West Virginia provides its residents with tax advantages for investing in a SMART529 plan. If you are a resident of a state other than West Virginia, before investing in SMART529, you should compare your own state’s qualified tuition program and any state tax or other advantages it may provide.

State Income Tax Advantages
West Virginia taxpayers may deduct all of that year's total contributions from their West Virginia Personal Income Tax return. This deduction is for contributions made during the calendar year for which the return is filed.

Federal Income Tax Advantages
Earnings on contributions are tax-deferred, and are income tax free if funds from the plan are used for qualified education expenses, including tuition, room and board, necessary fees and supplies.* See the Offering Statement PDF for more information.

Contribution Amounts1

  • Maximum contribution to a SMART529 account: $265,620 for each designated beneficiary
  • Minimum amount to set up a SMART529 account: $250
  • Subsequent minimum contribution: $25

1 For West Virginia residents, investment minimums are lower. Please see the Offering Statement PDF for details.

 

Interested in a SMART529 Account?
The SMART529 college savings plan is available nationally through financial investment professionals.

SMART529 also offers the SMART529 WV Direct to residents of West Virginia for purchase without a sales representative. This plan offers a more limited mix of investment choices than the The Hartford SMART529, but its expenses and fees are lower. In addition, SMART529 WV Direct is a "no load" (no sales commission) plan. For more information, visit the SMART529 WV Direct Website.

 

* Non-qualified withdrawals are taxable as ordinary income to the extent of earnings and may also be subject to a 10% federal income tax penalty.

 

MUN 107605 09/11

Updated 04/05/2012
West Virginia College Prepaid Tuition and Savings Program Board of Trustees


SMART529 is offered by the West Virginia College Prepaid Tuition and Savings Program Board of Trustees and is administered by Hartford Life Insurance Company.


You should carefully consider the investment objectives, risks, charges and expenses of SMART529 and its Underlying Funds before investing. This and other information can be found in the Offering Statement for SMART529 and the prospectuses or other disclosure documents for the Underlying Funds. Please read them carefully before you invest or send money. SMART529 is distributed by Hartford Securities Distribution Company, Inc.  Member SIPC.

If you reside in or have taxable income in a state other than West Virginia, you should consider whether your state has a qualified tuition program that offers favorable state income tax or other benefits exclusive to your state’s program that are not available under the SMART529 program.

Non-qualified withdrawals are taxable as ordinary income to the extent of earnings and may also be subject to a 10% federal income tax penalty. Such withdrawals may have state income tax implications.

Investments in SMART529 are not guaranteed or insured by the State of West Virginia, the Board of Trustees of the West Virginia College Prepaid Tuition and Savings Program, the West Virginia State Treasurer's Office, Hartford Life Insurance Company, The Hartford Financial Services Group, Inc., the investment sub-advisors for the Underlying Funds or any depository institution and are subject to investment risks, including the loss of the principal amount invested, and may not be appropriate for all investors.

West Virginia provides its residents with tax advantages for investing in SMART529.  If you reside in or have taxable income in a state other than West Virginia, you should consider whether your state has a qualified tuition program that offers favorable state income tax or other benefits exclusive to your state's program that are not available under the SMART529 program.

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.