Happy New Year From Ohio’s 529 Plan!
The office of Ohio’s 529 Plan, CollegeAdvantage, will be closed on Friday, Dec. 31, 2021, in observance of New Year. 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 this holiday. Please be aware that you may transact business online as usual.
While our office may be closed over the holidays, you can still open an Ohio 529 account online.
To make a year-end contribution to an existing account, you can access your account online 24/7.
You can also now make a contribution through the READYSAVE 529 app! You can download the READYSAVE529 app now from the Apple and Google Play app stores. The app requires iOS 14 or higher for Apple devices and Android 7.0 or later for Google devices. Once you install the app, select Ohio’s 529 Plan from the list and log in with the same username and password you use to access your account online. With the app, you can contribute directly from your bank account to your Ohio 529 account. You can also invite family and friends to make a New Year’s gift to your account via Ugift.
Online and check contributions must be received by CollegeAdvantage in good order before 4 p.m. ET Thursday, Dec. 30, in order to be recorded as occurring in 2021.
If you have down time during the holidays, you may want to review your Ohio 529 account 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. 30, 2021, to be included with total contributions for 2021.
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, can 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, both account owner and gift givers 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.
Visit Ohio’s 529 Plan online today to start saving for your child’s future education. An investment in a 529 plan is an investment in your child where every dollar saved today is a dollar that doesn’t have to be borrowed later. A 529 account can be used for whatever education comes after high school. Learn, plan and start with Ohio 529 Plan today at CollegeAdvantage.com.
We hope you and your loved ones’ New Year is healthy, merry, and bright!
Posted on December 27, 2021