529 College Savings Calculators Illinois

Illinois 529 College Savings Calculator

Calculate 529 college savings growth in Illinois. State tax deduction available. See projected savings and tax benefits.

Reviewed by StateCalc Editorial

| Updated Feb 28, 2026 | Fact-checked

Use Calculator Free — No Sign-up Verified Data Editorially Reviewed Updated Feb 2026

Illinois Quick Facts

5.0% Income Tax Rate

2.27% Property Tax Rate

$72,205 Median Income

96.4 Cost of Living

How This Calculator Works

Calculation methodology and assumptions

529 plan calculator for Illinois residents. Projections use compound interest with monthly contributions. Illinois offers a tax deduction for 529 contributions: $10,000 single / $20,000 joint for IL Bright Start. Federal benefit: earnings grow tax-free and withdrawals for qualified education expenses are tax-free. Annual 529 gift tax exclusion: $18,000/person ($36,000 for couples) without gift tax implications. Superfunding allows 5 years of gifts upfront ($90,000/$180,000).

Key State Information

Illinois 529 plan facts: Illinois offers a tax deduction for 529 contributions: $10,000 single / $20,000 joint for IL Bright Start. Median household income: $72,205 | COL index: 96.4. 529 funds can be used for tuition, room & board, textbooks, and K-12 tuition (up to $10,000/yr).

Standard financial formulas Pre-filled with real state data Estimates only — not financial advice

Data Source

SEC, IRS, State 529 Plans

View Original Source | Verified 2024-12-01 | Updated annually

Frequently Asked Questions

Does Illinois offer a 529 tax deduction?

Illinois offers a tax deduction for 529 contributions: $10,000 single / $20,000 joint for IL Bright Start.

How much should I save in a 529 plan in Illinois?

With average in-state tuition around $10,000-$15,000/year and total costs (including room/board) of $20,000-$35,000/year, aim to save at least 50-75% of projected total costs. Starting early with $200-$500/month can reach $50,000-$100,000 over 10-15 years.

What happens to unused 529 funds?

As of 2024, unused 529 funds (open 15+ years) can be rolled into a Roth IRA for the beneficiary, up to $35,000 lifetime. You can also change the beneficiary to another family member, or use funds for graduate school.