Aunts, uncles, family friends – you know that finding a great gift for the kids on your list isn’t always easy. You want to get them something great, but you don’t want to steal the spotlight from their parents and grandparents.
This holiday season give a spectacular gift that they won’t outgrow and everyone will appreciate – a college education. Contribute to a child’s Edvest College Savings account, or if you’d like to be in charge of the account, open one for a child you care about. It can be done online at Edvest.com in about fifteen minutes, and with a minimum opening balance of $25.00.
If you just want to contribute, ask the child’s parents to invite you to Edvest eGift and make your gift online, securely, and at no service-charge. Or if you prefer to mail a check, complete, print and mail a gift deposit form along with your deposit (you will need the Edvest account number). Gift certificates are available to download and print to let your loved one know you were thinking about them.
Tax advantages of gifting
Along with helping your loved one 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.
- 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- Funds may be withdrawn tax-free when they are used for qualified higher education expenses.
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.
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