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The office of Ohio’s 529 Plan, CollegeAdvantage, will be closed Wednesday, Jan. 1, 2020, in observance of New Year’s Day. Our Customer Service Department (1-800-AFFORD-IT) will also be closed on this day.
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 these 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. While our office may be closed over the holiday, you can still open an Ohio 529 account online to get a start on your New Year Resolution of saving for your child’s future higher education.
Online and paper contributions must be received by CollegeAdvantage in good order before 4 p.m. ET Tuesday, Dec. 31, in order to be recorded as occurring in 2019.
The New York Stock Exchange (NYSE) will also be closed Wednesday, Jan. 1, 2020. Any transaction requested on a holiday, weekend, or after the NYSE closes will be processed on the next business day.
If you have down time before year-end, you may want to review your Ohio 529 Plan to ensure you are taking full advantage of all the tax benefits, including the up-to $4,000 deduction from your Ohio taxable income. If you’d like to add to your account, new 529 contributions must be received in good order before 4 p.m. ET Tuesday, Dec. 31, 2019, to be included in this year’s total.
As an Ohio resident, you can deduct up to $4,000 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 $4,000 per beneficiary, per calendar year, will 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 wish you and your loved ones all the best for 2020!
Someday your child is going to college. Someday starts at CollegeAdvantage.com.
Posted on December 19, 2019