College Savings Plans

Are you aware that our financial services program offers the 529 savings plan for college funding? A 529 plan allows an individual to invest up to $11,000 ($22,000 for married couples) per year into a tax-advantaged account for higher educational expenses. An individual can contribute into a 529 account until the account value reaches $250,000, and these accounts can typically be started with as little as $250. These investments grow tax-free, providing withdrawals are used to pay for higher educational expenses. If withdrawals are used for a purpose other than higher educational expenses, then a 10% federal tax penalty and federal income taxes would be imposed on the earnings. Owners of these accounts maintain control of the assets, decide when withdrawals will be made and can change beneficiaries.

Schedule an appointment with John Klimek, our financial services representative, who could assist you in these areas and answer any questions you may have.

*Securities Offered through ING Financial Partners, Inc., 705 Washington Blvd., Suite 100, Williamsport PA 17701. Tobyhanna Army Depot Federal Credit and ING are not affiliated. Not FDIC or NCUA insured. May lose value. Not a deposit product. No credit union guarantee. Not insured by any federal government agency.