There’s Still Time To Invest in College Savings, See Potential Tax Savings This Year
State Treasurer
Miller, board chair of the
"This time of year, the
Miller noted that many families are not saving enough for college. One recent report found that a majority of parents who are saving for the children's college education have saved less than
"The cost of a college education continues to rise, and that can frustrate and intimidate a lot of families," Miller said. "An OCSP account allows families to set aside a little at a time, and that can add up over time. There are many resources available on our website to help families plan and, hopefully, take some of the worry out of saving for college."
In addition to the possibility of a state income tax deduction on plan contributions, any earnings to an OCSP account are federal and
Funds may be used at most any private or public university, college or career technology center nationwide, and can be applied to tuition as well as other qualified expenses, including fees, books, supplies and certain room and board costs. Computers and related technology equipment also count as qualifying expenses for 529 plan account holders. Recently enacted legislation provides that beginning in 2018, qualified higher education expenses also includes tuition expenses of up to
For more information about the
About the OCSP
Any earnings in an OCSP account are federal and
Introduced in
Consider the investment objectives, risks, charges and expenses before investing in the
Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarships and protection from creditors for investing in its own 529 plan. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss.
Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor. If the funds aren't used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply.
Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss.
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