As January comes to a close, tax time is right around the corner. For those of you getting a jump start on your 2015 tax returns, here are a few things to remember:
- $3,100 – Contributions up to $3,100 per beneficiary are eligible for a potential reduction of your 2015 taxes!
- Contributions can be made up until April 18, 2016.
- Gifting – Friends and family may also qualify for a state tax reduction – as long as they are Wisconsin residents.
- Carry Forward – Contributions greater than the eligible amount each year may be carried over and use for subsequent years’ state tax benefits until exhausted.
- For example, a $10,000 contribution may qualify for tax benefits for three or more years
- Forms – In order to be eligible for any potential reduction in Wisconsin state taxes, account holders must file a Wisconsin Department of Revenue CS.
- For Schedule CS instructions, please visit: https://www.revenue.wi.gov/forms/2015/ScheduleCS_inst.pdf
- To review, download and print the Schedule CS, please visit: https://www.revenue.wi.gov/forms/2015/ScheduleCS.pdf
- For the most recent state tax information, visit http://529.wi.gov
Have questions? Contact the Edvest College Savings Plan directly at 1-888-338-3789, Monday – Friday, 7 a.m. to 7 p.m.
For more info or to open an account, visit www.edvest.com
Consider the investment objectives, risks, charges and expenses before investing in the Edvest College Savings Plan. Please visit Edvest.com or click here for a Plan Disclosure Booklet containing this and other information. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss.
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. Non-qualifified withdrawals may be subject to federal and state taxes and the additional 10% federal tax.
Before investing in a 529 plan, consider whether the state in which you or 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.
TIAA-CREF Tuition Financing, Inc., Plan Manager. TIAA-CREF Tuition Financing, Inc., program manager. TIAA-CREF Individual & Institutional Services, LLC, member FINRA, distributor and underwriter for Wisconsin College Savings Plans.
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