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AUGUSTA, MAINE – January 20, 2019 – The Finance Authority of Maine (FAME) announced today its $20,000 Invest in ME Sweepstakes – its biggest giveaway ever – to kick off its year-long 20th anniversary celebration of helping Maine families save for college and other post-secondary education opportunities.
NextGen 529 is Maine’s Section 529 plan which many families use to prepare for higher education. Any earnings in a Section 529 plan are tax-free, when used to pay for qualified higher education expenses*. It’s never too early to start planning ahead for future education expenses, and opening a NextGen 529 account now can make a big difference later.
Parents, grandparents, and extended family members can open an account, no matter their income or the age of the student. You also can open an account to invest for your own higher education expenses.
NextGen 529 offers a variety of investment options in two separate series – the Client Direct Series and the Client Select Series. Each series offers different investment options, each with its own sales charges, fees and expense structure. Some of the same investment options are available in each series.
The Client Direct Series is available for self-directed investors – those who do not seek professional advice about choosing among the available NextGen investment portfolios.
The Client Select Series is available for those investors seeking professional advice from a financial advisor.
Please remember: There’s always the potential of losing money when you invest in securities.
* To be eligible for favorable tax treatment afforded to any earnings portion of withdrawals from Section 529 accounts, such withdrawals must be used for qualified higher education expenses, as defined in the Internal Revenue Code. For distributions beginning in 2018, qualified higher education expenses also include limited tuition at elementary or secondary public, private, or religious schools. The earnings portion, if any, of a withdrawal not used for qualified higher education expenses is subject to federal income tax and may be subject to a 10% additional federal tax, as well as to state and local income taxes. Tax treatment of distributions for elementary and secondary school tuition may differ in some states. Please consult your tax advisor for specific advice regarding such distributions.