Wis. Admin. Code Department of Financial Institutions § DFI-CSP 1.09 - Contributions

Current through March 28, 2022

(1) Cash contributions. Any person may make a contribution to an account of a designated beneficiary. Contributions shall be made only in cash
(2) Maximum contribution limit. Contributions to the accounts established for a designated beneficiary shall not, in the aggregate, exceed that amount necessary to provide for the qualified higher education expenses of the designated beneficiary. The board shall establish from time to time the maximum amount that may be contributed in the aggregate to the accounts of an individual designated beneficiary. Contributions in excess of that limit shall not be accepted and shall be returned to the contributor.
(3) Minimum contribution limit. The minimum amount contributed at the time an account is opened under s. DFI-CSP 1.04, and the minimum amount of any additional contribution to be made to an account shall be established from time to time by the board and set forth in the program description and participation agreement.
(4) Rollover contributions. Rollovers from another state's qualified tuition program are permitted to the extent allowed by that state's program and by section 529 of the internal revenue code. When making a rollover contribution, the account owner shall complete the forms and make such disclosures of financial information as set forth in the program description and participation agreement. If the rollover distribution deposited in the program account would cause the total account balance of all accounts for that designated beneficiary to exceed the maximum contribution limit, the program manager shall refuse the excess funds.
(5) Investment direction prohibition. Except as permitted under section 529 of the internal revenue code and any regulations issued thereunder, no person contributing to an account may direct the investment or investment earnings of any contribution of an account.

Notes

Wis. Admin. Code Department of Financial Institutions § DFI-CSP 1.09
CR 02-009: cr. Register January 2003 No. 565, eff. 2-1-03; correction in (3) made under s. 13.92(4) (b) 7., Stats., Register December 2011 No. 672; correction in (3) made under s. 13.92(4) (b) 7., Stats., Register October 2017 No. 742; CR 19-120: am. (4) Register May 2020 No. 773, eff. 6/1/2020.

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