FAQ: What are the benefits of EdVest?
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)
This entry was posted on March 8, 2012 by wistatetreasury. It was filed under College Savings and was tagged with "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.