Treasurer of State Kelly Mitchell is announcing the CollegeChoice Faces of 529 Day Contest to celebrate National College Savings Plan Day on May 29. CollegeChoice 529 will award one winner with a $529 CollegeChoice account contribution for sharing a photo of who they are saving for during the month of May.
To enter the Faces of 529 Day Contest, a participant must upload a photo of their beneficiary with a caption and complete the Faces of 529 Day Contest form at www.collegechoicedirect.com/
“Our Faces of 529 Day Contest is a great way to put the focus on what really matters – the individuals we’re saving for. Whether you’re investing for your children, grandchildren, or even yourself, we acknowledge the hard work of investing for the future. We can’t wait to celebrate one saver with an extra $529 deposited into their CollegeChoice account,” said Marissa Rowe, executive director of the program.
CollegeChoice 529 provides account owners and gift contributors flexibility when it comes to saving for education after high school. Funds can be used at any eligible school or registered apprenticeship program, both in- and out-of-state. Accounts grow tax-deferred and distributions are tax-free as long as the money is withdrawn to pay for qualified education expenses like tuition, books, computers, equipment, and fees.
Indiana taxpayers may also be eligible for an annual state income tax credit of 20 percent of contributions to their CollegeChoice 529 accounts, worth up to $1,000 each year ($500 for married couples filing separately).