Saving for college is an investment for a lifetime. The gift of a college education opens doors to a world of opportunity for your child. Having a plan to meet college tuition needs is the key to accomplishing your financial goals. The Ohio 529 college savings plan was created to help residents save money for their children’s higher education needs. There are many different features and benefits that are involved with College Advantage 529 college savings program. All of these benefits can help parents make the contributions that they need in an easy way. Here are some of the many benefits that you can use with the College Advantage 529 college savings program.
Ohio 529 College Savings Plan Tax Benefits
There are many different tax benefits for opening up a 529 college savings plan. Ohio residents can deduct $2000 per year on contributions that are made to one of these accounts. Couples that file jointly can deduct $4000 per year. This makes the Ohio 529 college savings plan one of the best in the country. Additional tax benefits are also available. These benefits include tax-free earnings from money that was invested in the account. These tax free earnings are from both state and federal income tax. Taking advantage of these tax benefits can give you more money to invest towards your account.
Total Control of your Ohio 529 College Savings Plans Investments
As an account holder a 529 college savings plan you are given total control of the money that you invest. This lets you choose a portfolio that is right for you and your personal situation. It also lets you choose who the beneficiary is on the account and being able to change the beneficiary is in the future. There are many different investment options that are given to you when you open one of these plans. These investment options let you choose from a wide variety of stock portfolios or mutual funds with very the risk. Depending on your personal situation will make a big difference on which portfolio may be right for you. The Ohio 529 college savings plan is sold directly through the state. This lets you avoid sales charges that come with many of the other 529 plans sold through brokers. This helps you lower your account fees and to use that money to contribute towards your account. This can help you accumulate the fund that you need faster without unnecessary costs.
How is the Money Used?
The money that is accumulated through the Ohio 529 college savings plan can be used for almost any College or University in the United States. The funds can be used toward tuition costs, books, room and board, and other qualified higher education expenses. This flexibility lets you start saving for all of your college financial needs.
Saving for college can be a daunting task for many parents. The Ohio 529 college savings plan makes it easy and offers the flexibility that all parents will want. Saving for your child’s future higher education needs may be the best investment that you make in your lifetime. Take advantage of the many different benefits that are offered with the 529 college savings program.