(Wisconsin) The Wisconsin Department of Financial Institutions (DFI) today announced Governor Tony Evers proclaimed today, May 29th, as 529 College Savings Plan Day.
The proclamation aligns directly with National 529 Day and encourages students and familiest to learn how saving with a 529 college savings plan can help fund a variety of higher education and career training pathways.
The Wisconsin 529 College Savings Program offers two savings plans – Edvest 529, a direct-sold plan, and Tomorrow’s Scholar, available through financial advisors and fee-only planners – which are nationally recognized for affordable, easy, and effective ways to save for higher education. The program has helped transform the lives of tens of thousands of students and families across Wisconsin who have received its benefits, which include tax-deductible contributions and tax-deferred growth.
Offered under Section 529 of the U.S. Internal Revenue Code, money saved in a 529 college savings plan can be used at any accredited public or private university, college, technical college, community college, or professional school nationwide and many abroad. Wisconsin taxpayers may also use funds saved to pay for apprenticeship programs registered and certified with the U.S. Secretary of Labor, pay down student loan debt ($10,000 lifetime limit per beneficiary), and pay for K-12 tuition expenses at a public, private, or religious school ($10,000 annual limit per beneficiary). Earnings in a 529 college savings plan grow tax-deferred and any distributions from the plan are free from state and federal taxes when used to pay for qualified education expenses, including tuition and fees, certain housing and food expenses, books, laptops, supplies, and more.
The entire press release can be found HERE.
