Did you know that saving for your kids college can be a state tax benefit? Before you file your taxes on April 18, 2011, read below and have a chance to win 1 of 3 $100 College Advantage Scholarships! This year, for the first time ever, Ohioans can direct all or a portion of their state tax refund directly into their CollegeAdvantage 529 Savings Plan. You must file your 2010 state taxes online for this option and choose direct-deposit.
You can even divide your refund or the portion you want directed to CollegeAdvantage into up to 3 accounts for your kids, grandkids, whoever you wish. It has never been this simple to save for your kids college education, by filing online, you can direct your refund to your kids college with 1 simple step on the State of Ohio online tax forms. Just be sure to enroll in the CollegeAdvantage 529 Savings Plan before you file your taxes online.
What is CollegeAdvantage?
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CollegeAdvantage is a a tax-free and state tax-deductible method of saving for your kids’ college. CollegeAdvantage makes it easy for anyone to begin a savings plan, it takes just $25 to start a CollegeAdvantage plan with no enrollment or annual maintenance fees. You can contribute as often as you like because the minimum contribution is just $25. Plus, anyone can contribute to your savings plan. You can contribute via check, automatic withdraw from your checking or savings account, or direct deposit from your payroll.
$25 College Savings Plan We have CollegeAdvantage for both our kids, it is easy to contribute funds toward. We just send checks in and it is as easy as that. We also receive statements so we can keep an eye on it. With CollegeAdvantage, it is easy to transfer funds, withdraw funds any time, and use at any accredited college nationwide.
Is CollegeAdvantage just for Ohio?
No. CollegeAdvantage is Ohio’s 529 college savings program featuring tax-free savings, however anyone can open a CollegeAdvantage plan nationwide through the Ohio Tuition Trust Authority. Financial advisors can also help you invest in CollegeAdvantage. It can be used at any accredited college nationwide.
Why do you need a college savings plan?
A college savings plan gives your kids more opportunities in life, and 60% more income compared to those with only a high school diploma. Thinking about college and tuition can scare you to death. There are affordable options, especially with public universities and financial aid. For the 2009/2010 school year, 4 years at a public university in Ohio runs just $36,075, at a private university nationwide, it is about $111,438 for 4 years.
CollegeAdvantage is not just for tuition fees. It can also be used for room and board, books and other qualified college expenses. Don’t worry, if your kid decides not to go to college, you can change beneficiary or withdraw the funds.
Win 1 of 3 $100 CollegeAdvantage Scholarships (Cl0sed)
Updated: 4-21-11 Winners Announced: Congratulations, Anne, Heather C, and Toni Alabakovski!
CollegeAdvantage is offering three $100 CollegeAdvantage scholarships to help you start saving or add to your existing account.Contest ends at 11:59pm EST on April 18, 2011 when a winner will be drawn at random and announced the next day. When commenting, please include your email address (not visible to public). I will notify the winners and they will have 36 hours to respond!
This was not a paid post. My own opinions were used based on my perceptions and experience. Thank you to CollegeAdvantage who provided the scholarships for giveaway.
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I learned that you can contribute just a little bit at a time.
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at the collegeadvantage website i learned that The 529 college savings plans provide a tax-advantaged college savings option.
I learned that you can contribute as little as $25 and that you can pick your own growth investments (if you want).
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I learned the following by going to there site
•Earnings are tax-free.
•Deduct contributions from Ohio taxable income ($2,000 annually).
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•Pay for tuition, room and board, or books.
•Contribute as little as $25 at a time.
•Benefit from professional money management by leading financial firms.
•Save with FDIC-insured bank products.
•Pay no enrollment fee, no maintenance fee and low administrative fees.
•Transfer funds to another child.
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I learned the following about there savings plan
•Earnings are tax-free.
•Deduct contributions from Ohio taxable income ($2,000 annually).
•Use your funds at any college in the country.
•Pay for tuition, room and board, or books.
•Contribute as little as $25 at a time.
•Benefit from professional money management by leading financial firms.
•Save with FDIC-insured bank products.
•Pay no enrollment fee, no maintenance fee and low administrative fees.
•Transfer funds to another child.
•Withdraw funds at any time.
•Change investment options
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