Contributions
When it comes to saving for future education, every little bit helps
There are a variety of ways to add money to your account to build your savings. You can even invite other to contribute to your loved ones' education. It’s never been simpler to save and invest for their future. You can also use an online calculator to help estimate your college costs and plan ahead.
One-time contributions
You decide how much and when to add money to an account.
Follow these steps to make a one-time contribution:
Sign in to your account
Click on “Contributions” from the “Total Balance” tile on your account dashboard
In the "Contributions Type" section, select “One-time” for the contribution type
Enter your contribution amount and investment choices
Recurring contributions
Regular contributions, no matter the amount, can give your VT529 account a chance to steadily grow. Join other 529 account users who have made easy automatic contributions each month.
Follow these steps to set recurring contributions:
Sign in to your account
Click on “Contributions” from the “Total Balance” tile on your account dashboard
In the "Contributions Type" section, select “Recurring” for the contribution type
Select the frequency from these options: "Monthly," “Twice a month,” and “Yearly”
Select the “Day of the month” you’d like to make the contribution
Enter your contribution amount and investment choices
Work income and payroll direct deposit
If you’re working, you can easily add to your account by setting up direct deposits from your paycheck. Your contribution will be made automatically each pay period.
Complete the setup process in three simple steps:
Sign in to your account and click on “Direct Deposit” on the Total Balance tile. Or, once logged in, go to “Transfers > Direct Deposit.”
Enter your information and retrieve your unique direct deposit details, including your routing and account number.
Complete the process by providing your employer with the direct deposit details.
Savings Boosters
If you’re looking for a fun and convenient way to automatically add a little more to your savings, Savings Boosters can help you sprinkle some extra change into your account.
The Weather Booster feature makes hassle-free (and automatic) deposits when there is a 50%+ chance of precipitation forecasted in your location by weather.gov. Your account balance can go up every time rain, hail, sleet, or snow is forecast to come down.
It’s simple to set up Weather Boosters:
Sign in to your account
Hover over the Transfers tab
Select “Savings Boosters” from the dropdown and follow the prompts
And don’t forget, you’re in charge! You decide how much you want to contribute and save with each weather event. If you need to take a break from Savings Boosters, you can turn them off until you’re ready to boost your savings again.
*We do not guarantee that contributions will be made during each forecasted weather event when Savings Boosters are enabled on your account. The feature relies on data which is provided to us by third-party services unaffiliated with Vestwell which is inherently subject to change. Savers should always diligently check their portal to confirm all account activity.
Gifting
Every VT529 account has a customizable gifting page with its own unique URL. You can share your link with friends and family, or even on social media, allowing others to contribute directly to your savings goals.
Rollovers
You can make a tax-free rollover from another 529 account into your VT529 account. Just download and complete our Rollover Form. Remember, you can transfer funds from another 529 College Savings Plan into a VT529 account without incurring any federal income tax if you do so within a 12-month period and if the funds are for the same beneficiary or a family member.
Consult your tax advisor and your other 529 College Savings Plan manager to discuss features and fees before you initiate your rollover.
Tax Credits
State Income Tax Credit
Both the earnings from your VT529 account and the money withdrawn for eligible expenses are tax free. Any money added to the account could qualify for the 10% Vermont State Income Tax Credit, which means you’ll have even more saved for the future.
Earned Income Tax Credit
If you qualify as a low- to moderate-income worker, you can use the credit to increase your refund and add a little extra savings to your account.