Treasurer of State Daniel Elliott today announced the state’s tax-advantaged CollegeChoice 529 education savings plans have exceeded $7 billion in assets under management.
“A 529 plan is an incredibly powerful savings vehicle for education and career training after high school,” said Treasurer of State Daniel Elliott. “We’re proud to see so many Hoosier families utilize our program to make the most of their education savings while also reducing the need for future student loans.”
CollegeChoice 529 provides families with flexibility and choice when it comes to saving for education after high school. Funds can be used at any eligible school or qualified 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 Accounts grow tax-deferred and distributions are tax-free as long as the money is withdrawn to pay for qualified education expenses like tuition, books, equipment, and fees.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 $1,500 each year ($750 for married couples filing separately).
“It’s incredible to hit such a milestone when you think that the minimum contribution is only ten dollars,” said program Executive Director Marissa Rowe. “A little goes a long way when you’re saving for the future, and we’re proud to work alongside our neighbors to help them meet their savings goals.”
For an introduction to Indiana’s CollegeChoice 529 Direct Savings Plan and 529 plan basics, register to attend a Webinar Wednesday at www.collegechoicedirect.com.
For more information about CollegeChoice 529 Savings Plans, visit www.collegechoicedirect.com/plans.