INDIANA – Treasurer of State Daniel Elliott announced on Monday that the Indiana529 Savings Plans have surpassed 450,000 funded accounts.
“It’s a testament to the Hoosier spirit that families across our state are choosing to open Indiana529 accounts for their children and grandchildren to pay for future education and career training,” said Treasurer of State Daniel Elliott. “These tax-advantaged investments give families a financial head start by reducing reliance on student loans.”
Indiana529 provides families with flexibility and choice when saving for education after high school. Funds can be used at any eligible school or qualified apprenticeship program, both in-state and out-of-state. Accounts grow tax-deferred, and distributions are tax-free as long as the money is used to pay for qualified education expenses, such as tuition, books, equipment, and fees.
Indiana taxpayers may also be eligible for an annual state income tax credit of 20% of contributions to Indiana529 accounts, worth up to $1,500 per year ($750 for married couples filing separately).
“We welcome new families into Indiana529 every day,” said program Executive Director Marissa Rowe. “Expanded qualified expenses, low minimums, and easy gifting make Indiana529 a terrific option for Hoosiers.”
For an introduction to Indiana529 Savings Plans, register to attend a Webinar on Wednesday at
www.indiana529direct.com.
For more information about Indiana529 Savings Plans, visit www.myindiana529.com.
