- Office of Illinois State Treasurer
- 100 W. Randolph, #15-600
- Chicago, IL 60601 (JRTC Building)
- Phone: 866-722-7823
- Fax: 402-323-1797
Purpose of the Program
The Bright Directions Advisor-Guided 529 College Savings Program is a tax-preferred, highly rated education savings program authorized by the State of Illinois and designed to qualify as a tax-advantaged savings program under Section 529 of the Internal Revenue Code. The Illinois State Treasurer serves as trustee.
Bright Directions is intended for individuals who wish to save for college through their financial advisor. Individuals do not open accounts directly with Bright Directions. If you wish to open a Bright Directions 529 College Savings account, please consult your financial advisor.
Those individuals wishing to open a 529 college savings account directly may do so through the Bright Start 529 College Savings program.
Any person aged 18+ with a SSN or ITIN can open an account for the benefit of any individual. You may open and contribute to a Bright Directions account regardless of your income. Bright Directions is a convenient and tax-advantaged way to save for the costs of higher education, including 4-year and 2-year colleges, trade schools, and technical schools.
Investment earnings in a Bright Directions 529 account accumulate on a tax-deferred basis, and withdrawals are exempt from federal and Illinois state income tax if they are used to pay for qualified education expenses such as tuition, room and board, books, and other qualified expenses.
In addition, individuals who contribute to a Bright Directions 529 account and file an Illinois state income tax return generally are allowed to deduct from their adjusted gross income for Illinois state income tax purposes up to $10,000 of contributions per year ($20,000 for married taxpayers filing jointly).
Who is Eligible
Any person aged 18+ with a SSN or ITIN can work with an investment professional to open an account for the benefit of any individual. You may open and contribute to a Bright Directions account regardless of your income.
Individuals who contribute to a Bright Directions t 529 account and file an Illinois state income tax return generally are allowed to deduct from their adjusted gross income for Illinois state income tax purposes up to $10,000 of contributions per year ($20,000 for married taxpayers filing jointly).
Application Process
To open a Bright Directions account, please talk to your investment professional. Your investment professional can review and assess your situation, your current savings, and your college savings goals to determine the right savings vehicle and investment strategy.
To learn more, visit www.BrightDirections.com or talk to an Bright Directions representative by calling toll free at 866-722-7283.