Tax time is a great time to think about opportunities to save more money. Really! Consider the contributions you make to Edvest accounts for your children or grandchildren. If you are a Wisconsin resident, you may be eligible for reductions in your state taxable income of up to $3,100 per child. You do not have to be related to the child to take advantage of the state tax benefit – just a Wisconsin resident.
For example, if you contributed $3,100 per child for two children, it could reduce your state taxable income by $6,200. The lower your taxable income, the lower your taxes. Depending on how much you contribute, if you contribute more than $3,100 per child, you may be eligible for several years of state income tax deductions after your contribution.
Save your refund
Reducing your taxable income is one way to save money. Another is by putting your refund to good use.
If you get a refund, consider using some or all of it as a contribution to your child or grandchild’s Edvest account. It’s a simple way to contribute a little bit more to your child’s future. And, any earnings have the opportunity to grow free from state or federal taxes – another way your savings can add up.
For more info or to open an account, visit www.edvest.com
Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor. Non-qualified withdrawals may be subject to federal and state taxes and the additional federal 10% tax.