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The office of Ohio’s 529 plan — CollegeAdvantage — will be closed on Monday, Jan. 1, 2018, in observance of the New Year's Day. Our Customer Service department (1-800-AFFORD-IT) will also be closed.
Online and paper contributions must be received by CollegeAdvantage in good order before 4 p.m. ET Friday, Dec. 29, 2017, in order to be recorded as occurring in 2017.
Our Customer Service representatives are available to assist you on regular business days from 8:30 a.m. to 6 p.m. ET before or after the specific holidays. Please be aware that you may transact business online as usual. To make a last-minute holiday gift or year-end contribution, you can access your account online 24/7.
Please note that the New York Stock Exchange (NYSE) will also be closed on Monday, Jan. 1, 2018. Any transaction requested on a holiday, weekend, or after the NYSE closes will be processed on the next business day.
During any holiday down time, you may want to review your CollegeAdvantage 529 plan to ensure you are taking full advantage of all the tax benefits — including an up to $2,000 deduction from Ohio taxable income. Again, your 529 contributions must be received before 4 p.m. ET Friday, Dec. 30, 2017, to be included in this year’s total.
As an Ohio resident, you can deduct up to $2,000 per person (or married couple) of your 529 plan contributions, per beneficiary, per calendar year, from your state taxable income. However, you can always contribute even more! Contributions over $2,000 per beneficiary, per calendar year, may be carried forward to deduct from future tax years until all of your contributions are fully deducted. Please keep in mind that for the state tax deduction, you will need to have copies of your bank statements or cashed checks to show for verification. Statements from CollegeAdvantage are not acceptable as they contain contributions from all sources, not just the account owner.
We hope that you and your loved ones have a wonderful time celebrating the New Year together.
Posted on December 26, 2017