There are many great reasons to use Ohio’s 529 Savings Program through CollegeAdvantage, but the tax savings might be the best yet! As of January 1, 2018 the state income tax deduction has doubled from $2,000 to $4,000 per beneficiary, per year. Saving for you child’s education has other benefits for you as well:
- The 529 accounts grow tax-free and all qualified withdrawals from a 529 account are not included as part of your federal or state income tax.
- There are no income restrictions so no matter what your make, you can invest in a 529 plan.
- You can change beneficiaries on any account meaning you can transition the account from your oldest child to your youngest and even on to their children down the road.
Learn about this and more at CollegeAdvantage.
We have assisted many of our clients in setting up 529 accounts for their children and grandchildren and making the necessary withdrawals when the time comes. If you would like to chat more contact us today!