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Rhode Island 529 plans
Rhode Island residents receive numerous state plan benefits.
Learn about state tax benefits ↓Rhode Island residents receive numerous state plan benefits.
Learn about state tax benefits ↓Featured 529 plans for Rhode Island residents:
State tax deduction or credit
Contributions to a Rhode Island 529 plan of up to $500 per year by an individual, and up to $1,000 per year by married taxpayers filing jointly are deductible in computing Rhode Island taxable income. The contributor must be the Account Owner to receive this deduction. Any contributions which are not deductible in computing state tax due to the $500 or $1,000 maximum may be carried forward and deducted in future years (subject in each case to the same annual maximums). Rollovers from another 529 plan are not deductible. Contribution deadline is December 31.
Which 529 plans does Rhode Island offer?
Rhode Island offers two Ascensus-managed 529 savings plans available to residents of any state. Direct-sold CollegeBound Saver features portfolios utilizing funds from leading investment managers, while the advisor-sold CollegeBound 529 features Invesco investment options.
Direct sold 529 plans
"Do-it-yourself" type plans in which the saver enrolls and sets up the initial investment. Fortunately most 529 plans make this simple! You'll pay no sales charges beyond fund and administrative fees.
Our rating
4 / 5
Special award
Advisor sold 529 plans
Plans offered by investment professionals. You'll gain the guidance of a financial advisor, but will incur sales charges and/or fees as you invest.
Our rating
3.5 / 5
ABLE Plans
529 ABLE accounts let Americans with disabilities save tax-deferred for education and other expenses without impacting eligibility for public benefits.
ABLE Plan
RI's ABLE is offered through the National ABLE Alliance. The program was established within the Executive Office of Health and Human Services and administered in conjunction with the State Investment Commission for the purposes of administering ABLE accounts established to encourage and assist individuals and families in saving private funds for the purpose of supporting individuals with disabilities. Under RI's ABLE, one or more persons may make contributions to an account to meet the qualified disability expenses of the Account Owner.
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