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
- FAQ: Does EdVest have a rewards program? (wistatetreasury.wordpress.com)
- FAQ: What if an EdVest beneficiary receives a scholarship? (wistatetreasury.wordpress.com)
- FAQ: How do I open an EdVest account online? (wistatetreasury.wordpress.com)
March 8, 2012 | Categories: College Savings | Tags: "paying for college", 529 Plan, College, Education, EdVest, Higher education, savings, Wells Fargo, wisconsin, Wisconsin State Treasury, wismissingmoney.com, www.edvest.com, www.wismissingmoney.com | 17 Comments