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May is filled with many special celebrations — Mother’s Day, graduations, Memorial Day, and national 529 Day (created by the college savings 529 plans industry — 5/29, get it?). Each 529 Day highlights the importance of saving now for your child’s future college education. By planning ahead for higher education expenses, you can take full advantage of saving over time, tax benefits, and the power of compound earnings of saving in a 529 plan.
In honor of 529 Day and helping your family reach your college saving goals, CollegeAdvantage, Ohio’s 529 college savings program, is giving away ten $529 CollegeAdvantage College Savings Awards! Entries will be accepted here through 11:59 p.m. ET on June 12, 2016. See complete contest rules here.
Almost anyone can open an account and anyone can contribute — whether parents, grandparents, family members, or friends — directly to a CollegeAdvantage account. There’s also an additional tax benefit for Ohioans contributing to CollegeAdvantage. Any Ohio taxpayer can deduct up to $2,000 in contributions per beneficiary, per year from their Ohio taxable income. While the maximum allowable deduction per year, per beneficiary is $2,000, contributors can invest even more. Ohio allows contributions in excess of $2,000 per year, per beneficiary to be carried forward to future tax years until fully deducted.
For families with young children, 529s are a great way to start early and save over time in a tax-advantaged way. National 529 Day is a great reason to get started now. Enrollment in CollegeAdvantage is easy. Even if your children are older, it’s not too late to save what you can while also taking advantage of the great tax benefits.
There are additional 529 Day celebrations throughout the college saving community. If you’d like to learn more about 529 Day or would like additional information on 529 plans, then register for a live webcast, sponsored SavingForCollege.com, at 1 p.m. ET, Wednesday, May 25. When you register, you can submit your own college saving question for industry experts to answer.
Furthermore, College Saving Plans Network (CSPN) and Diapers.com are joining forces to help people save for future college expenses. Visit the Diapers.com Facebook page for more information and a chance to win one of two $200 college savings contribution on behalf of CSPN.
Posted on May 13, 2016