The GET Program is a prepaid 529 plan, and accounts may only be opened by, or on behalf of, residents of the state of Washington.
Current estimates project that GET units should be held for several years to see financial gain, versus other investment options which may provide immediate return.
Investments are not tax-deductible; however, the increase in account value over time, as well as disbursements to pay for higher-education expenses, are both tax-free.
Disbursements for purposes other than to pay for higher-education expenses are subject to income taxes and/or penalties imposed by both the program and the Internal Revenue Service; exceptions are made for certain circumstances such as the death of the beneficiary or the beneficiary receiving a scholarship, in which case income tax is still imposed but penalties are not.
Accounts may only be opened by, or on behalf of, Washington residents; however, disbursements from the program may be made to any higher education institution in the United States, as well as some foreign institutions, that participate in financial aid programs through the United States Department of Education.