This Tax Season, Make Every Deduction Count!
March 4, 2018
Planning to open or already have a Future Scholar 529 College Savings Plan? If so, you could stand to reap additional tax benefits this season. It’s true!
With a Future Scholar 529 plan, you can receive both state and federal tax breaks on the growth of your savings. What's more, you can also receive a full state deduction on any contributions made if you file an S.C. tax return.
“Offering terrific tax benefits, including our own dollar-for-dollar deduction here in South Carolina, is just one of the things that makes our Future Scholar plan so attractive,” said S.C. Treasurer Curtis Loftis.
And anyone can set up an account for a child or loved one – whether you’re a parent, grandparent, aunt, uncle or family friend.
Never Too Late to Get Started.
Don’t have a Future Scholar plan? It’s never too late to open an account and get started saving.
In addition, those who open a Future Scholar account have until this year’s tax deadline – Tuesday, April 17 – to do so and still receive a tax deduction on their 2017 taxes.
And the benefits don't stop with tax deductions. Here are a few additional perks and features that make Future Scholar the go-to plan for saving for your child's college education:
- Easy setup. With no minimum amount required to open an account, it's easy to get started. Plus, you can save however much you want, whenever you want.
- Accounts aren't tied to any one beneficiary. Owners of 529 plans aren’t required to use all of the money they save on just one child, making this a terrific option for grandparents who want to maintain control over the account, or parents of multiple children. If one child decides not to go to college for some reason or doesn’t use all of the funds, the account can be switched to another sibling or family member.
- A wide range of colleges and programs are covered. Funds saved in a Future Scholar plan can be used at any eligible educational institution in the United States, including both public and private colleges, out-of-state colleges, some international schools, graduate and professional programs and certain vocational-technical schools.
- Expenses are also covered. In addition to covering tuition,funds can be used for qualified higher education expenses, which include:fees,room and board,books, supplies and equipment (including computers) required for enrollment in or attendance at an eligible higher education institution.
- Online flexibility. It's also easy to set up online and share the good news with friends and family. Future Scholar's eGift option is a great way to invite family and friends, near and far, to celebrate any occasion or milestone in your beneficiary’s life.
“I’ve said it before, a Future Scholar 529 College Savings Plan is the smart, easy way to save for your child’s education,” Loftis said. “Find out what more than 150,000 happy account holders have already discovered. Future Scholar really is the smart, easy way to save for your child’s education.”
Find Out More.
For more information on Future Scholar and how to get started saving, visit www.FutureScholar.com.