“529 Day”
May 27 2017 - 3:00PM
Business Wire
Monday, May 29, 2017 is Memorial Day, a national day of
remembrance when Americans take pause and gratefully honor the many
men and women who served our great nation. Among the freedoms their
service provided is the freedom to choose a career path. Associated
with this choice is post high school training and education.
College savings plans throughout the country draw attention to
these savings and investment resources aptly on May 29 or “529
Day”. This year Ohio’s 529 savings plan asks that you consider 529
savings the day after Memorial Day.
The “529 Day Giveaway” began on May 22, 2017 and ends on Sunday,
June 11, 2017. Along with the $529 college savings awards,
CollegeAdvantage will also launch its annual Graduation Campaign to
help promote saving for college. Families can enter to win by going
to www.collegeadvantage.com and click on the “Win $529 For
College!” on the front page. No purchase is necessary to enter and
residents from any state can enter to win. One entry per household
will be accepted. Existing CollegeAdvantage account owners are
eligible to enter. Each $529 college savings award will be awarded
as a contribution to a CollegeAdvantage Direct 529 Savings Plan
Account.
529 college savings plans are named after Section 529 of the
Internal Revenue Code. They are taxed-advantaged college savings
plans, designed to help families plan and save for higher
education. Funds saved in a 529 plan are tax-free when used to pay
higher education expenses such as: tuition, general fees, books,
computers and room and board. The 529 plan was created to help
families save for higher education expenses and help reduce the
need for student loans. With graduation season upon us what a great
gift for that young soon-to-be-graduate in your life.
In Ohio, any Ohio taxpayer including parents, grandparents,
family members and friends who contribute to a CollegeAdvantage
account can claim a deduction of up to $2,000 in contributions, per
beneficiary on their state of Ohio taxable income. The maximum
allowable deduction per year is $2,000, but contributions can
invest even more. Ohio allows contributions in excess of $2,000 per
year, per beneficiary to be carried forward to future tax years
until fully deducted. Funds saved in CollegeAdvantage can be used
to pay higher education expenses at any accredited college in the
country.
About CollegeAdvantage:
CollegeAdvantage is Ohio’s 529 college savings program, offered
and administered by the Ohio Tuition Trust Authority, a state
agency under the Office of the Chancellor of the Ohio Department of
Higher Education. Ohio is the fifth largest state sponsor of 529
plans in the country. CollegeAdvantage is offered as the
CollegeAdvantage Direct 529 Savings Plan and the CollegeAdvantage
Advisor 529 Saving Plan, which is offered and marketed through
BlackRock and sold through professional financial advisors. The
CollegeAdvantage program, which offers families a tax-advantaged
way to save for college, has more than $10.35 billion in assets
under management and over 637,153 total accounts as of Mar. 31,
2017. To learn more, visit www.CollegeAdvantage.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170527005003/en/
Ohio Tuition Trust AuthorityJudy Cunningham, 614-752-9350PR
Managerjcunningham@CollegeAdvantage.com