Do you have a college savings account (529 Plan) for your kiddo? Have you been thinking about it, but dragging your feet? If you haven't already, you should check out www.collegechoicedirect.com. We have a Indiana 529 CollegeChoice savings account for each of our kids, and we contribute a modest amount each month (directly deposited from my paycheck so I can't accidentally spend it!). This account, while modest, will grow with compound interest over the next decade (+) to when my kids are ready for college. It can be used for tuition, fees, books, housing - anything for college, trade school, or even graduate school. AND, in addition to feeling good about saving some each month, we get a tax credit at the end of each year for 20% of what we contributed. It is a WIN WIN! Where else are you going to make 20% on the money you're saving?
September is College Savings month, and to celebrate the state is giving away $2,500 toward a CollegeChoice 529 Savings Plan. To enter, go to www.collegechoicedirect.com/september
From the website:
CollegeChoice 529 is designed to give you an affordable, flexible,
and smart way to save for college. See how you can benefit from all that
CollegeChoice 529 has to offer.
Read on to find out why CollegeChoice 529 is:
- Affordable: Low minimums, high maximums, and low average costs
- Flexible: Range of investment options and online account access
- Tax-smart:
Tax-deferred growth, federal tax-free qualified withdrawals,* special
tax credit for Indiana residents,** gift-tax and estate planning
benefits
* Earnings on non-qualified withdrawals are subject to federal
income tax and may be subject to a 10% federal penalty tax, as well as
state and local income taxes. The availability of tax or other benefits
may be contingent on meeting other requirements.
** Indiana taxpayers are eligible for a state income tax credit of
20% of contributions to their CollegeChoice 529 account, up to $1,000
credit per year. This credit may be subject to recapture from the
account owner (not the contributor) in certain circumstances, such as
rollover to another state's 529 plan or non-qualified withdrawal.
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