![]() Over time, an Edvest 529 account allows you to put more toward your child’s higher education funds by taking advantage of the power of compound earnings. With a tax-deferred account, you won’t pay annual federal or state taxes on any earnings, which can help an account owner potentially grow their account faster. This applies to everyone - parents, grandparents, aunts, uncles and friends - not just the account owner. Limitations apply.Ĭontributions greater than the maximum deduction amount may be carried forward as a deduction in future tax years and can be subject to the maximum deduction amount. Parents, grandparents, other family members and even friends have until Tuesday, April 18, 2023, to contribute to an existing Edvest 529 account or open a new account to be eligible for the 2022 state income tax deduction. Wisconsin taxpayers who contribute to an Edvest 529 account, regardless of their relationship to a child, can deduct up to $3,560 annually per beneficiary from their 2022 Wisconsin state income taxes ($1,780 for married filing separately and divorced parents of a beneficiary). Simply put, a state income tax deduction is when you can deduct contributions to your Edvest 529 account(s) from your Wisconsin state income taxes. ![]() What is Edvest 529’s State Income Tax Deduction? Now, let’s dive deeper into each tax benefit and why you should consider saving with Edvest 529. Tax-Free Withdrawals for Qualified Education Expenses.Edvest 529’s triple tax benefits include the following: But did you know about the triple tax benefits you can receive when investing with Edvest 529?īy paying fewer taxes, Wisconsin taxpayers can earn more and grow their accounts faster, giving their child or grandchild an even bigger head start in paying for their higher education. If you’re reading this article, you’ve likely heard about Edvest 529 as a tool that can help you save for higher education. ![]()
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