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Tip of the Month | September 2023

Edvest 529 Account Reminders

Written By: Ryan Rink, CFP®, EA, ChFC®, CLTC®

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With fall semester back in full swing, the discussion of paying for education is often top of mind. 529 accounts are a great way to help save/pay for education. In fact, September is ‘College Savings Month’ at Edvest, one of Wisconsin’s state-sponsored 529 plans.

Wisconsin taxpayers who contribute to an Edvest 529 account, are able to deduct up to $3,860 annually (per beneficiary) from their 2023 Wisconsin state income taxes ($1,930 for married filing separately and divorced parents of a beneficiary). Keep in mind that 529 accounts are not solely for college. Up to $10,000 annually (per student) may be used towards K-12 tuition expenses.