Happy Holidays From Ohio’s 529 Plan!
The office of Ohio’s 529 Plan, CollegeAdvantage, will be closed on Monday, Dec. 26, 2022, and Monday, Jan. 2, 2023, in observance of Christmas and New Year’s Day. Our Customer Service Department will also be closed for the holiday. Ohio 529 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 holidays. You can reach them at 1-800-AFFORD-IT (800-233-6734).
While our office may be closed, you can always open an account online over the holiday weekend to start saving for education after high school.
To make a last-minute holiday gift or year-end contribution to an existing account for as little as $25, you can access your account online 24/7.
Online and check contributions must be received by CollegeAdvantage in good order before 4 p.m. ET Friday, Dec. 30, in order to be recorded as occurring in 2022.
You can also make a contribution through the READYSAVE 529 app! You can download the READYSAVE529 app now from the Apple and Google Play app stores. 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 give a gift to your account via Ugift.
Ugift is an easy-button gift-giving feature with Ohio’s 529 Plan. Offered through Ascensus, our recordkeeping partner, Ugift is an innovative way to invite family and friends to save your children’s’ future college costs when celebrating holidays, birthdays, and special achievements with gift contributions to your CollegeAdvantage Direct Plan account. After logging in to your Ohio Direct 529 Plan, you can set up an Ugift code to send to our loved ones who would like to give the gift of a higher education. This code permits others to make online gift contributions directly to your CollegeAdvantage 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.
And your family and friends want to make the gift of higher education to your child’s 529 college savings account. They’re just waiting for you to suggest it! Ugift makes it simple and secure. If they are Ohio residents, their Ugift contribution must be received in good order before 4 p.m. ET Tuesday, Dec. 20, 2022, in order to be included in their 2022 State of Ohio income tax deduction.
The New York Stock Exchange (NYSE) will also be closed Monday, Dec. 26, 2022, and Monday, Jan. 2, 2023. Any transaction requested on a holiday, weekend, or after the NYSE closes will be processed on the next business day.
So 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 Friday, Dec. 30, 2022, to be included with total contributions for 2022.
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 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.
For more than 33 years, Ohio’s 529 Plan, CollegeAdvantage, has been helping families across the nation save for their children’s education after high school. Ohio’s 529 Plan covers qualified costs at any four-year college or university, two-year community college, trade or vocational school, apprenticeship approved by the U.S. Labor Department, or certificate program nationwide that accepts federal financial aid. Start, add, or give a gift with as little as $25 at CollegeAdvantage.com.
We hope you and your loved ones’ holidays are healthy, merry, and bright!
Posted on December 19, 2022