Last Updated on September 3, 2020 by Office of Indiana Treasurer of State
SOURCE: News release from Office of Indiana Treasurer of State
INDIANAPOLIS – September is National College Savings Month, and Governor Eric Holcomb has highlighted the importance of saving for education with a Proclamation establishing September 2020 as College Savings Month in Indiana. To celebrate, CollegeChoice 529 will award one Hoosier family with a $5,000 CollegeChoice 529 account contribution with the Save to Win Sweepstakes.
To enter the Save to Win Sweepstakes, an individual must make a contribution to their new or existing CollegeChoice 529 Direct or Advisor account during the month of September. One individual will be randomly selected from all Indiana residents who contribute to their CollegeChoice 529 account during that timeframe to win a $5,000 CollegeChoice 529 account deposit. Individuals who contribute during September via employer payroll deduction or previously established Automatic Investment Plan (AIP) will automatically be entered to win. Simply Save to Win!
“College Savings Month is the perfect time to start saving for future education if you are not already doing so. CollegeChoice accounts can be opened with as little as $10, and funds can be used at any eligible institution or for a qualified apprenticeship program,” said Treasurer of State Kelly Mitchell. “Having a strong workforce is crucial for Indiana, and we’re proud to offer Hoosiers CollegeChoice 529 Savings Plans as an option to prepare for the future.”
CollegeChoice 529 enables account owners and gift contributors to save for a beneficiary’s education at any eligible school or qualified apprenticeship program. Accounts grow tax-deferred and distributions are tax-free as long as the money is withdrawn to pay for qualified higher education expenses like tuition, room and board, books, computers, and fees.
Indiana taxpayers may also be eligible for an annual state income tax credit of 20 percent of contributions to their CollegeChoice 529 accounts, worth up to $1,000 each year ($500 for married couples filing separately).
“Our goal is to make College Savings Month and our Save to Win Sweepstakes as inclusive as possible for Hoosiers – you simply have to contribute for a chance to win. The point is to start the conversation about saving for education, and we thought $5,000 could be a powerful conversation starter,” said Marissa Rowe, Executive Director of the program.