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FAQ: What are the WI State benefits with EdVest?


What are the Wisconsin state benefits with EdVest?

If the beneficiary is your child, grandchild, great-grandchild, niece, nephew or yourself then contributions of up to $3,000 per beneficiary are deductible from Wisconsin taxable income each year.

Note: Contributions must be postmarked by December 31 to be eligible for that year’s deduction.

Below are some other significant things to consider:

– Indicate your eligible contribution amount on Form 1, line 11 under “Other Subtractions,” Code 14 to claim a deduction. Note: The deduction you take can’t be more than your total income for the year.

– If you are filing as “married” or “jointly filing” the total deduction per child cannot exceed $3,000.

– If you are filing as “divorced parents” then the total deduction that may be claimed for each child is $3,000. The maximum for each former spouse is $1,500 unless the divorce judgment specifies a different division.

– Grandparents of a beneficiary can claim deductions on contributions made on behalf of their grandchildren, provided the grandchild is related to the grandparent either biologically or through adoption.

– Married grandparents, filing jointly, may claim a total deduction on contributions up to $3,000 per grandchild.

– Aunts, uncles, and great-grandparents can also claim deductions on their Wisconsin state income tax return on contributions made on behalf of nieces, nephews, and great-grandchildren.

– Even though the individual who is claiming the tax deduction must be a Wisconsin taxpayer, the beneficiary on the account does not need to live in Wisconsin.

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14 responses

  1. Pingback: FAQ: How can money from an EdVest account be used? « wistatetreasury

  2. Pingback: FAQ: Who can open an EdVest account? « wistatetreasury

  3. Pingback: FAQ: Does EdVest have a flexible contribution option? « wistatetreasury

  4. Pingback: FAQ: Can I transfer assets from another account into EdVest? « wistatetreasury

  5. Pingback: FAQ: How can I stay up to date on my EdVest account? « wistatetreasury

  6. Pingback: FAQ: Where can I find proof of former residence? « wistatetreasury

  7. Pingback: FAQ: What happens if the beneficiary does not use the EdVest account? « Wisconsin State Treasury

  8. Pingback: FAQ: Does EdVest offer different investment options? « Wisconsin State Treasury

  9. Pingback: FAQ: What about Transferring EdVest Contributions? « Wisconsin State Treasury

  10. Pingback: FAQ: Is there a plan to set up an EdVest account? « Wisconsin State Treasury

  11. Pingback: FAQ: Who can contribute to an EdVest account, and how much? « Wisconsin State Treasury

  12. Pingback: FAQ: What happens to my EdVest account if I move out of state? « Wisconsin State Treasury

  13. Pingback: FAQ: Does EdVest offer different investment options? « Wisconsin State Treasury

  14. Pingback: FAQ: Is there a plan to set up an EdVest account? | Wisconsin State Treasury

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