Is Upromise a 529 plan?

Is Upromise a 529 plan?

The SSGA Upromise 529 Plan is a 529 plan—a tax-advantaged plan sponsored by individual states to encourage individuals and families to save for future higher education expenses.

How does Upromise 529 work?

Every member who has a linked 529 account is automatically eligible to win one of five Upromise $529 Scholarships every month, but earns extra entries for every dollar of rewards earned during each monthly scholarship award period.

How do I link my 529 account to my Upromise card?

Follow these simple steps to Link your 529 College Savings Plan: Step 1: After logging into your Upromise account, click the Profile link from the account pull-down at the top right of the page. Step 2: From the Profile page, click “Add New Accounts”, which you’ll have to scroll down to access.

How do I withdraw from Upromise 529?

You can request a withdrawal online at www.ssga.upromise529.com or by calling 1.800. 587.7305. We are required to file IRS Form 1099-Q if you take a withdrawal from your SSGA Upromise 529 account.

Is Upromise still around?

Upromise Investments is now known as Ascensus College Savings and is no longer affiliated with Sallie Mae or the Upromise rewards program. Through a partnership with 529 plan administrator Ascensus College Savings, Upromise enables its members to deposit program earnings directly into their 529 accounts.

Are Upromise contributions tax deductible?

Upromise and 529 plans When deposited into a 529 plan, the funds will compound tax-free over time, and won’t be taxed when withdrawn to pay for qualified higher education expenses.

What happened to my Upromise account?

Is Upromise worth signing up for?

Is Upromise Worth It? As a free rewards program and a credit card with no annual fee, there’s really no downsides to using Upromise. And it’s always great to earn rewards for the money that you’re already spending throughout the month.

Where is my Upromise money?

You can view the status of your Upromise transactions on the Rewards page in your account. Click on the tab to view the status of your recent transfers. Most transfers will complete within 7 business days, however, it could take up to 45 days for some 529 Plan account payments.

Who bought Upromise?

Prodege
In May 2020, Upromise was acquired from owner Sallie Mae by loyalty marketing company Prodege. As of 2021, the rewards program had helped users earn over $1 billion towards college education costs by sweeping the accumulated cash back earnings into savings and 529 plans.

Can 529 be used for travel?

You cannot use a 529 plan to pay for travel and transportation costs. The earnings portion of a distribution from a 529 that is used to pay for travel and transportation expenses will be considered a non-qualified distribution.

How do I recover my Upromise account?

Password Help Please enter the email address associated with your Upromise account below. We will then send a password-reset email to your email address of record. Click the link in the email to reset your password.

Are Upromise earnings taxable?

Your withdrawals of the funds are federal tax-free, as long as you use the funds for a qualified expense. * There are estate- and gift-tax benefits too. Tax-deferred growth. Because your earnings are free from federal income tax while they remain in your account, they can be reinvested.

Can you use 529 to buy a car?

You cannot use a 529 plan to buy or rent a car, maintain a vehicle, or pay for other travel costs. If you use a 529 distribution to pay for this type of expense, those distributions are considered non-qualified.

Are laptops covered under 529?

Technology Items – You can use a 529 plan to cover technological needs such as computers, printers, laptops and even internet service. These items must be used by the plan beneficiary while enrolled in college.

Can 529 be used for a car?