September is National College Savings Month, and Governor Eric Holcomb has highlighted the importance of saving for education with a Proclamation establishing September 2022 as College Savings Month in Indiana. To celebrate, one individual will be selected to win a $10,000 account deposit in the CollegeChoice 529 Education Sweepstakes.
To enter the Sweepstakes, individuals 18 years of age or older must complete the entry form available at www.collegechoicedirect.com/september by 11:59 p.m. on September 30, 2022. The winner will be randomly selected from all eligible entries to receive a $10,000 CollegeChoice 529 account deposit.
“The semester is in full swing, and with school on the mind, there’s no better time for Hoosiers to begin saving for their educational goals.” said Kelly Mitchell, Indiana Treasurer of State. “This $10,000 giveaway will make a tremendous impact whether a family is saving for a technical or trade program, a registered apprenticeship, or a 4-year degree.”
CollegeChoice 529 provides account owners and gift contributors flexibility when it comes to saving for education after high school. Funds can be used at any eligible school or registered apprenticeship program, both in- and out-of-state. Accounts grow tax-deferred and distributions are tax-free as long as the money is withdrawn to pay for qualified education expenses like tuition, books, computers, equipment, and fees.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).
“We would love to see a record number of families enter the contest,” said Marissa Rowe, executive director of the program. “Imagine what $10,000 could do for a Hoosier student.”
About CollegeChoice 529 and the Indiana Education Savings Authority:
CollegeChoice 529 is Indiana’s tax-advantaged 529 education savings program and is offered and administered by the Indiana Education Savings Authority, a state government quasi-agency and board chaired by Treasurer of State Kelly Mitchell. CollegeChoice 529 includes the Direct, Advisor, and CD Plans and has more than $6.3 billion in assets under management in over 418,000 accounts as of July 31, 2022. To learn more or enroll in CollegeChoice Direct, call 1.866.485.9415 or visit www.collegechoicedirect.com. To learn more or enroll in CollegeChoice CD, call 1.888.913.2885 or visit www.collegechoicecd.com. To learn more about CollegeChoice Advisor, contact your financial advisor, call 1.866.485.9413, or visit www.collegechoiceadvisor529.com. These Disclosure Booklets include information on investment objectives, risks, charges, and expenses, and should be read and considered carefully before investing.
Indiana taxpayers are eligible for a state income tax credit of 20% of contributions to a CollegeChoice 529 account, up to $1,000 credit per year ($500 for married couples filing separately). This credit may be subject to recapture from the account owner (not the contributor) in certain circumstances, such as rollovers to another state's 529 plan, federal nonqualified withdrawals, withdrawals used to pay elementary or secondary school tuition for a school outside of Indiana, or qualified education loan repayments as described in the applicable Disclosure Booklet.
For additional information, contact:
Ian Hauer at (317) 232-6387
For more information, visit www.in.gov/tos