The Wisconsin Department of Financial Institutions (DFI) today announced that Gov. Tony Evers proclaimed September College Savings Month in Wisconsin. The proclamation aims to encourage Wisconsinites to start or continue saving for college and career training with the Wisconsin 529 College Savings Program and its college savings plans — Edvest 529, a direct-sold plan, and Tomorrow’s Scholar, available through financial advisors and fee-only planners.
Funds saved in an Edvest 529 or Tomorrow’s Scholar plan may be used for undergraduate and graduate programs at any accredited public or private university, college, technical college, community college, or professional school nationwide and many abroad, and toward the cost of apprenticeship programs registered with the Secretary of Labor under the National Apprenticeship Act. Eligible expenses include tuition, housing and food costs, required school fees, books, computers, technology, and expenses for services needed by a beneficiary with special needs. Savings in a Wisconsin 529 college savings plan may also be used for K–12 tuition (up to $10,000 per year, per beneficiary), adult education and retraining, and to pay down student loan debt (with a $10,000 per beneficiary lifetime limit).
Contributions to an Edvest 529 or Tomorrow’s Scholar plan grow free from state and federal income tax and withdrawals are tax-free when used to pay for qualified higher education expenses. Additionally, Wisconsin taxpayers may claim a state income tax deduction on contributions made to a Wisconsin 529 college savings plan; single filers and married couples filing jointly may deduct up to $5,000 per beneficiary, and married couples filing separately may deduct up to $2,500 per beneficiary. Wisconsin taxpayers have until the tax filing deadline each year to make contributions to a Wisconsin 529 college savings plan and claim a deduction on those contributions.
Two opportunities during College Savings Month include:
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Open an Edvest 529 account between Sept. 9–27 to receive a $50 bonus contribution; terms and conditions are available here.
Participate in the national “This is my Dream Job” sweepstakes, sponsored by the College Savings Plans Network, by Oct. 1 for a chance to win a $529 contribution to a new or existing 529 account.
