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Tax Time Could Be Tax Savings For College
Jim Diulio is a spokesperson for EDVEST, offered through the state Treasurer's office.
Diulio says EDVEST is the state's direct-sold no load plan...
"....529 plans, including EDVEST, allow you to get a tax deduction for the dollars that go into your account throughout the year. If you're going to save money anyway for college, this is a really efficient way to do it. You can save on your taxes at the same time...."
Diulio says the plan also affects federal taxation...
"....all the dollars grow both federal and state tax-free as long as they are used for qualified expenses. That includes tuition, room and board, books....it even covers if you want to go onto graduate school(or some other school)..."
The website Edvest dot com has more information.
State figures say a person will earn about a million dollars more in a career with a college education and the cost for college at a public school will be near 170 thousand dollars when a child born today is eligible.