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

Whole Life Insurance

Tax-free policy loans

None

Unlimited
 

Policy Holder

No limits

Not considered an asset for FAFSA, but may be for school specific financial aid.

Option Waiver of Premium Rider

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

Oregon College Saves

Initially $25, $5 for subsequent

None

0.25% - 0.72%

Yes.

Yes.

MFS
(Via a Financial Advisor)

Initially $250, no minimum for subsequent 

Class A Shares: Yes

Class C Shares: No

Class A: 0.67% - 1.34%
Class C: 0.78% - 2.09%

Yes.

Yes.

Out of State Plan

Varies.

Varies.

Varies.

No.

Yes.

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.

Sustainable Energy

Solar Panels

  • Incentive

    • $0.40/AC output watt

  • Maximum Incentive

    • Up to $2,500

  • Rebate

    • Up to $5,000 for a solar electric system and $2,500 for an energy storage system

  • Income-based rebates

    • Up to $30,000 for solar electric and $15,000 for an energy storage system

Federal Tax Credit: 26% of the cost of the system

Requirements: 

  • The solar PV system is located at your primary or secondary residence

  • You own the solar PV system

  • 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 Car

Electric Vehicles (EV)

  • Rebate

    • Up to a $500 charging station rebate for residential customers

  • Standard Rebate Option

    • $2,500 towards the purchase or lease of a new plug-in/batter EV (battery capacity of more than10 kWh) 

    • $1,500 towards the purchase or lease of a new plug-in/batter EV (battery capacity of less than10 kWh) 

    • $750 towards the purchase or lease of a zero-emission electric motorcycle

  • Charge Ahead Rebate Option

    • $2,500 towards the purchase or lease of a new or used plug-in hybrid/battery EV 

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

Installing solar panels allows you to produce clean, renewable power at your home

Purchasing an EV may provide you with cost savings while also qualifying for tax credits

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TODD MANN FINANCIAL SERVICES INC. 
1840 5th St. Springfield, OR 97477  |  (O) 541-583-0093  |  Todd@ToddMannFinancialServices.com

Investment advice is offered through Belpointe Asset Management, LLC. Insurance and annuity products may be offered through D.H. Hill Securities, LLLP. Securities are offered through D.H. Hill Securities, LLLP, Member FINRA/SIPC. D.H. Hill Securities, LLLP, Todd Mann Financial Services Inc., and Belpointe Asset Management, LLC are not affiliated entities. Todd Mann Financial Services Inc. is currently insurance licensed in the states of Oregon, New Jersey, and Wisconsin.

Insurance and annuity products may be offered through D.H. Hill Securities, LLLP. 

 

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