December 30 is the deadline for 529 College Saving Plan

ZANESVILLE, Ohio- The deadline to enroll for the annual state of Ohio 529 College Saving Plan is quickly approaching.

Executive director, Tim Gorrell said only 25% of people are aware of this tax saving service. Here’s how it works, open an account for as little as $25, make contributions directly to a college advantage 529 saving plan, and you will be eligible for a tax reduction.

“If you invest up to $2,000 that can be withdrawn from your taxable income and that’s per account,” Gorrel said. “So if you have one or two accounts whether you’re a grandparent or a parent; each account up to $2,000. If you do go over that it could be rolled over to other years.”

Gorrell said 529 savings can be used for a variety of things in higher education. The most common usage is tuition and fees, books, and room and board on or off campus. And now it can be used to purchase a computer.

“Making an investment into college saving is a gift that is truly invaluable and years later will be greatly appreciated,” Gorrel said.

You must enroll and make a contribution by December 30th to receive the tax reduction for the 2016 tax year. For more information, visit www.collegeadvantage.com.