It’s not a secret that the cost of college has been steadily increasing each year. In fact, college tuition costs are rising more rapidly than the rate of inflation. This puts the burden on families to start making preparations early if they want to start saving for their children’s higher education needs. The EdVest 529 college savings program offers Wisconsin residents a great way to start saving now.
The EdVest program helps families invest for one of their most important financial goals – their children’s education. The 529 college savings account offers many advantages that regular savings programs do not. Here are some of the many benefits that you will have at your disposal when opening up a Wisconsin 529 college savings plan.
Wisconsin 529 College Savings Plan Tax Benefits
Saving money can be just as important as making it. The Wisconsin 529 college plan offers many tax incentives for account holders. Earnings that you invest in your EdVest account will grow the federal and state tax free. Qualified withdrawals from a 529 college plan are also federal and state tax free. Wisconsin residents who make contributions into their 529 college savings plan can deduct up to $3000 per beneficiary from their taxable income each year. Married couples who file jointly can have tax deductions that add up to $6000 per beneficiary per year. These outstanding tax advantages give parents more money that they can invest into their 529 portfolios. This means that they can save money at a faster pace and reach their college tuition goals.
Flexible Options with the Wisconsin 529 College Savings Plans
You can start adding to your savings with monthly contributions as low as $15 a month. A low initial contribution of only $250 is required when you open your savings account. This fee is waived with an automatic investment plan. Contributions can be made by electronic funds transfer, federal wire, check, and payroll deduction. This offers parents the flexibility that they need to make steady contributions into their account.
This flexibility makes saving for college easy and efficient. As a Wisconsin 529 college savings plan account holder you have total control of how your money is invested. You will have over 13 different portfolio options when investing your money in a Wells Fargo funds management account. You also have the opportunity of speaking to Wells Fargo counselors to help you create the best savings plan for your personal situation.
The money that you save and one of these accounts can go toward any qualified college expense. These college expenses include tuition costs, equipment, books, and other related items that are needed to attend a college or university.
The EdVest 529 college savings program offers outstanding benefits for parents to start saving money now. The state of Wisconsin knows how important a higher education is for many of their residence. This program offers many different options that can help parents customize their savings based on their personal situation. Being able to afford a higher education is not just a dream anymore. With the Wisconsin 529 college savings plan it has become a reality for more than 2000 families so far.