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The office of Ohio’s 529 Plan, CollegeAdvantage, will be closed on Friday, Dec. 25, 2020, and Friday, Jan. 1, 2021, in observance of Christmas and New Year’s Day. Our Customer Service Department, 1-800-AFFORD-IT (800.233.6734), will also be closed on these days.
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 holidays, you can still open an Ohio 529 account online.
Online and paper contributions must be received by CollegeAdvantage in good order before 4 p.m. ET Thursday, Dec. 31, in order to be recorded as occurring in 2020.
The New York Stock Exchange (NYSE) will also be closed Friday, Dec. 25, 2020, and Friday, Jan. 1, 2021. The NYSE will also close at 1 p.m. ET on Thursday, Dec. 24, 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 during the holidays, 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 Thursday, Dec. 31, 2020, 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.
If your family and friends want to make a gift of higher education to your college savings account for the holidays, Ugift makes it simple and secure. If you already have a CollegeAdvantage Direct Plan account, you can provide other family members an Ugift code for your child’s account. This code permits others to make online gift contributions directly to your Direct 529 Plan without your account number. Once you provide the Ugift code, friends and family can visit Ugift529.com to make their electronic contribution securely from their bank account. It’s that easy.
Please note, if a loved one who is an Ohio resident wants to give the gift of higher education to your Ohio 529 account through Ugift, their contribution must be received in good order before 4 p.m. ET Monday, Dec. 21, 2020, in order to be included for their 2020 State Of Ohio income tax deduction.
Please keep in mind that for the state tax deduction, both the account owner and the gift giver will need to have copies of bank statements or cashed checks for verification. Statements from CollegeAdvantage are not acceptable as they contain contributions from all sources, not just the account owner.
If you’d like to do more research, explore Ohio’s 529 Plan —The Plan That Can — at CollegeAdvantage.com.
We hope you and your loved ones’ holidays are healthy, merry, and bright!
Posted on December 14, 2020