Save for college with Ohio’s 529 college savings program
College may seem to be far in the future or it may be just around the corner. Either way, a 529 college savings plan can help you and your family to save for college while also taking advantage of the federal and state tax benefits for doing so.
CollegeAdvantage, Ohio’s 529 college savings plan, has been helping families save for college for over 25 years. Families that start early and save regularly over time can accumulate funds to pay for some, half, or even all of a child’s future higher education costs. Created by Congress to encourage families to save for college, all 529 plans offer tax-free growth and tax-free withdrawals when used to pay for 529-qualified higher education expenses. As an added advantage, Ohio taxpayers who make contributions to a CollegeAdvantage 529 account may deduct contributions of up to $4,000 from their Ohio taxable income per year, per beneficiary. And the deduction isn’t limited to just the account owner; family and friends who make gift contributions directly to an account also qualify for the deduction. Even more, contributions over $4,000 per year, per beneficiary may be carried forward to future tax years until all contributions are fully deducted.
Families may open a CollegeAdvantage account for as little as $25. Funds can be used at accredited schools in Ohio and throughout the U.S., including public and private schools, 2-year, 4-year, graduate, or technical schools . . . any school that is eligible for federal financial aid. Eligible schools have a Federal School Code and can be identified by searching for the school’s Code at www.fafsa.gov.
To learn more about saving for college with CollegeAdvantage 529 or to open an account online, visit www.CollegeAdvantage.com.