Brought to you by WBIW News and Network Indiana
Last updated on Tuesday, August 2, 2011
(UNDATED) - There is a new option for Indiana families to save money for college for their kids.
Indiana State Treasurer Richard Murdock says the College Choice CD 529 Savings Plan is a Certificate of Deposit Program that families can purchase and manage through their local bank while receiving the tax benefits that go with a 529 Savings Plan.
Indiana residents who contribute to a Collegechoice CD are eligible for a state income tax credit of 20% up to a $1,000 credit per year.
Earnings grow tax-free and distributions used to pay for qualified education expenses are also tax-free.
A Collegechoice CD can be purchased for a minimum of $250 or an automatic or payroll deduction of $25 or more.
Murdock says the 529 savings accounts are very popular with grandparents who want to gift something meaningful to their grandchildren.
More information about the new CD is available online at www.collegechoicecd.com.
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