The happenings "inside" the Wisconsin State Treasury and across the street at the State Capitol

Archive for March 8, 2012

FAQ: What are the benefits of EdVest?


English: Great Seal of the state of Wisconsin

Image via Wikipedia

These are some of the numerous tax benefits you can take advantage of through EdVest 

- Earnings on an EdVest account mature federal and sometimes state tax-free

- Qualified withdrawls from a 529 plan are federal and sometimes state tax-free

- Wisconsin residents DO NOT have to pay state income tax on qualified withdrawls

- Individuals can deduct contributions of up to $3,000 per beneficiary from Wisconsin taxable income each year if   the beneficiary is your child, grandchild, great-grandchild, niece, nephew, or yourself.

- After a 5 year period contributions up to $65,000 may be excluded from federal gift tax pro rata

- For tax purposes completed gifts are considered removed from your estate.

Get more information on Wisconsin’s College Savings Plan by visiting www.edvest.com


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