For parents, the holiday season can be exhausting. You stand in long lines, or constantly refresh a web page on your laptop, and keep an eye on the store’s mobile site to get the toy your kids just have to have. Their faces light up when they open the box, and they love it! But in a few months, they’re already on to the next big thing.
This holiday season, along with the trendy clothes and toys, give your kids a gift they won’t outgrow – a college education. Contribute to your child’s Edvest College Savings account, or make this the year you open an account for your child. It can be done online at Edvest.com in about fifteen minutes, and with a minimum opening balance of $25.00.
Gifts of any size will have an impact on your child’s college savings account. In fact, Edvest’s $25.00 minimum contribution helps make it one of the most affordable plans in the country.
Because anyone – not just immediate family – may contribute to a child’s account, consider inviting friends and family to gift to your child. Simply invite them to make an eGift via email, or if they prefer to gift by check, they may use a gift deposit form to mail their gift. (Make sure family and friends contributing by check have your child’s Edvest account number so they can contribute).
Tax advantages of gifting
Along with helping your child succeed, you’ll enjoy some tax advantages when you contribute to an Edvest fund. If you are a Wisconsin resident, you may qualify for state tax advantages when you make a gift. (That goes for in-state family and friends, too.)
- Edvest contributions by Wisconsin residents can reduce their state taxable income by up to $3,100 per beneficiary each year.
- Any account earnings can grow federal and Wisconsin income tax-deferred.
- Funds may be withdrawn tax-free when they are used for qualified higher education expenses
Learn more about the tax advantages of saving with Edvest on our website and by consulting your tax advisor.
About Edvest College Savings Plans
Edvest, Wisconsin’s official 529 college savings plan, makes it easier for families to save for higher education expenses. Funds saved through Edvest can be used at colleges, technical schools and grad schools nationwide. Plus, the funds may be used for books, supplies, or other qualified expenses – not just tuition.
Families can feel good about saving with Edvest. It was recently named one of the nation’s lowest cost plans by SavingForCollege.Com, and maintained its Bronze Rating from Morningstar in the firm’s most recent survey of 529 plans. And, with a low opening balance of $25.00, it makes saving for college more accessible for a greater number of Wisconsin families.
Consider the investment objectives, risks, charges and expenses before investing in the Edvest College Savings Plan. Please visit Edvest.com for a Plan Disclosure Booklet with this and more information. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is a risk of investment loss. TIAA-CREF Tuition Financing, Plan Manager.
Before investing in a 529 plan, consider whether the state where your Beneficiary resides has a 529 plan that offers favorable state tax benefits that are available if you invest in that state’s 529 plan. Non-qualified withdrawals may be subject to federal and state taxes and the additional 10% federal tax.
The tax information contained herein is not intended to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties. Taxpayers should seek advice from an independent tax advisor based on their own particular circumstances. The Edvest College Savings Plan is administered by the state of Wisconsin.