College Choice 529
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CollegeChoice 529 college savings plans, sponsored by the State of Indiana, are specifically designed to help parents, grandparents, and others save for college. Indiana's 529 program, the CollegeChoice Direct 529 Savings Plan, is a tax-advantaged education savings plan that allows you to invest for a child's education while you retain control of the assets. It is not guaranteed or FDIC insured. You can contact CollegeChoice at 866.485.9413 for more information.
BENEFIT HIGHLIGHTS
- Plan earnings grow free from federal and state income taxes. Indiana taxpayers are eligible for a state income tax credit of 20% of contributions to a CollegeChoice Direct account, up to $1,000 credit per year.
- Distributions for qualified higher-education expenses are free from federal and Indiana state income tax.
- You may contribute as much as $13,000 per beneficiary each year ($26,000 for married couples filing jointly) without incurring gift-tax consequences. In fact, you can choose a special election that allows you to treat a $65,000 contribution ($130,000 married filing jointly) as if it was made over a five-year period.
Indiana University Health Bloomington Hospital offers pay deductions for regular contributions.