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529 Tips

529 Resolutions For 2016

Exercise more. Lose weight. Eat healthy. Save more for college. That’s right, you can resolve to save more for college this year! It’s as easy as 1 - 2 - 3:

  1. Set up recurring contributions. Account owners tell us that the easiest way to save the most is to automatically contribute money before you have a chance to spend it on something else. With automatic investments, you can set up recurring contributions to be made directly from your bank account. Time your contributions to align with your regular paydays. Or, establish a monthly contribution schedule. Just log in to your account and select “Automatic Investments” from the Asset Management menu.
  2. Let others help you save. We hear from grandparents and other family members that they want to help you save for college, but they are waiting for you to invite them to do so. It’s easy with Ugift®. Log in to your account, click on Ugift. Get a unique Ugift code for each of your beneficiaries. Share the Ugift code for each child with family and friends. There is no need to share your account number or the child’s Social Security number. Then, just instruct potential gift givers to visit to make a secure online contribution using the unique Ugift code for the child. You can also invite them to participate via Facebook and Twitter. If they are Ohio taxpayers, they can deduct their own contributions from their Ohio taxable income even though they aren’t the account owner. Their gift contribution just needs to be made payable directly to the account instead of to the child. See the Plan Offering Statement for more details about contributions from non-account owners.
  3. Boost your savings with your tax refund. At tax time, a federal or state tax refund can put some “extra” cash in the family budget. Last year, the average federal tax refund was $2,785.* Resolve to get even closer to your college savings goal by contributing some, perhaps all, of your refund. Remember, the $2,000 Ohio income tax deduction isn’t a cap on annual contributions. Deductions for contributions over $2,000 can be carried forward to future tax years until fully deducted.

*Source: IRS 2015 Filing Season Statistics

Posted on April 5, 2016

Ohio Tution Trust Authority

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