Contributing to an Account
- How Are Contributions Made?
- Can I Wire a Contribution to a Bright Directions® Account?
- Can Funds Be Transferred From Another 529-Qualified Tuition Program?
- Can Contributions Be Made From UGMA or UTMA Custodial Accounts?
- Can Nonowners Make Contributions to an Account?
- What Are the Limits on the Amount an Individual Can Contribute?
- What Happens to Contributions Made Over the Maximum Amount?
1. How Are Contributions Made?
- Online (click here)
- Check (Deposit Coupon)
- Automatic investment plan (click here)
- Electronic funds transfer (click here)
- Payroll deduction (check with employer for availability)
- Wire transfer
- Bright Directions 529 College Savings Visa® Card “Rewards”
- Rollover from another 529 plan

2. Can I Wire a Contribution to a Bright Directions® Account?

3. Can Funds Be Transferred From Another 529-Qualified Tuition Program?
- A Bright Directions® account can be funded by rolling over funds from another 529 plan
- Rollover Form

4. Can Contributions Be Made From UGMA or UTMA Custodial Accounts?
- Assets held in an UGMA or UTMA account can be utilized to fund a Bright Directions® account
- Custodian must designate the associated minor as beneficiary and cannot change the beneficiary for the account
- Beneficiary becomes account owner upon age of majority under the applicable UGMA or UTMA statute
- Liquidation of UGMA/UTMA assets may be a taxable transaction (consult your tax advisor)

5. Can Nonowners Make Contributions to an Account?
- Anyone can contribute, including the beneficiary
- The Illinois state income tax deduction is available to anyone making a contribution
- Account owner maintains control over all contributions

6. What Are the Limits on the Amount an Individual Can Contribute?
- No minimum contribution required
- No annual contribution requirements
- Maximum aggregate balance for all accounts in all Illinois Section 529 programs is $320,000 per beneficiary
- Once maximum is reached, no further contributions can be made for the beneficiary

7. What Happens to Contributions Made Over the Maximum Amount?
- Program manager will notify the contributor
- No contributions over the maximum amount will knowingly be accepted
- Any contributions in excess of the maximum that are unknowingly accepted and any earnings thereon will be refunded

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