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College savings planning calculator
Use this calculator to help create a plan for saving for college
This planner takes into account the current age of your child and when they plan to start college, your savings goals, the estimated future cost of college and other important factors. Explore different scenarios and find a plan that works for you. If you have more than one child, simply hit reset, clear the data, and start a new plan. Best of all, create a personalized report that you can save and/or print!
Important Information About Your Calculations
The results presented are hypothetical illustrations and may not reflect the actual growth, if any, of your investment in a particular 529 plan. Any hypothetical rate of return used does not reflect actual performance or predict future results of the program. Rates of return will vary over time. Investments which seek to achieve higher rates of return are more volatile and involve a higher degree of risk.The calculator takes into account tax variables based upon what you select. There may be limitations or restrictions on eligibility for tax benefits depending on the tax code in your state of residency.
These calculations do not constitute investment advice. As your financial situation changes, you should review your investment goals, time period for college investing, and personal financial situation and reassess whether you are investing enough to meet your college savings goals. You may want to consult with a qualified advisor before making an investment.
The calculations do not reflect management, administrative and other fees associated with 529 plans. If these fees had been reflected, any growth of the total contribution during the same investment period would have been lower.
Unless manually edited, the calculator assumes the highest state tax rate based on the state residence accepted. In addition, the calculator does not take into consideration income exceptions from getting a state tax deduction. For example, if you select NJ as both the state sponsor and residency, it will assume you qualify for a tax deduction regardless of your inputted state tax rate.
The tax information contained herein is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding tax penalties. In some states with income taxes, the 529 tax savings may differ from the state income tax rate. Taxpayers should seek advice based on their own particular circumstances from an independent tax professional. Non-qualified withdrawals may be subject to federal and state taxes and the additional federal 10% tax.
Investments in a 529 Plan are neither insured nor guaranteed and there is the risk of investment loss. Account value will fluctuate based upon a number of factors, including general financial market conditions.
TIAA-CREF Tuition Financing, Inc., the States and their agencies are not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by this tool and are not responsible for any human or mechanical errors or omissions.
What is your Federal tax rate?
Your Marginal Federal Tax Rate is the rate at which the IRS taxes your last dollar of income. Federal tax rates vary from 10% to 37%. For guidance in estimating your federal income tax rate, check your most recent federal income tax forms, or use the following 2023 rates.
|Individuals||$0 to $11,000||$11,001 to $44,725||$44,726 to $95,375||$95,376 to $182,100||$182,101 to $231,250||$231,251 to $578,125||$578,126 or more|
|Married Filing Jointly||$0 to $22,000||$22,001 to $89,450||$89,451 to $190,750||$190,751 to $364,200||$364,201 to $462,500||$462,501 to $693,750||$693,751 or more|
Lookup specific school
Search by the state or school name where your child may attend college to get a list of schools to select from
Look up maximum 529 State Tax Deduction / Credit
This is the maximum contribution that qualifies for the 529 State Tax Deduction or Credit
What is your state of residence?
Select the state that sponsors the plan in which you are choosing to invest in
What is your marital / filing status?
This tool helps to determine the maximum 529 plan state tax deduction or tax credit (by filing status) that is applicable to residents of your state who are planning to invest in an in-state or out-of-state 529 plan (where applicable).
If applicable, the maximum will be displayed in the "Maximum State Tax Deduction/Credit" field and then compared to your new/planned contributions, combined with your state tax rate, and used in the 529 tax savings in the results.
View a PDF of your report. This link will available for the next 30 minutes.
The MI 529 Advisor Plan (MAP) is offered by the State of Michigan. TIAA-CREF Tuition Financing, Inc. (TFI) is the Program Manager and Nuveen Securities, LLC, member FINRA and SIPC, is the Distributor.
Before investing, carefully consider investment objectives, risks, charges, expenses, and other important information. For this and other information that should be read carefully, please read the MAP Plan Description. Also, consider whether your or your beneficiary’s home state offers any state tax or other benefits, such as financial aid, scholarship funds and protection from creditors, that are only available for investments in that state’s qualified tuition program.
Participation in MAP does not guarantee that the account's assets will be adequate to cover future tuition or other higher education expenses, or that your beneficiary will be admitted to or permitted to continue to attend an institution of higher education. Investments in MAP are not guaranteed or insured and there is risk of investment loss.
This MAP website contains links to other websites. The MAP, TFI and Nuveen Securities, LLC are not responsible for the content of those other websites.