Saving money for our children and grandchildren for higher education may be the last thing on many of our minds as we struggle with a sluggish economy. However, now is always the best time to plan for higher education. September is national college savings month and a good reminder even a few dollars every month can make a difference.
In Wisconsin, we are fortunate to have a state sponsored savings program. The EdVest program is an innovative qualified tuition program that helps families across the country invest for one of their most important financial goals - their children's education.
Wisconsin's EdVest program is administered by the Office of the State Treasurer and is managed by Wells Fargo Funds Management. Your tax free contributions into an account for your beneficiary will be invested in a portfolio designed for the savings performance you children will need. When your child or grandchild needs your education funds they will be available for qualified higher education expenses at eligible schools including two and four year colleges, technical, vocational, and graduate programs.
BENEFITS OF EdVEST
Earnings in your EdVest account are federal and state tax free (state taxes will apply for non-Wisconsin residents).
Qualified withdrawals from the plan are federal and state tax free for Wisconsin residents.
Contributions of up to $3,000 per year per dependent, grandchild, great-grandchild, niece or nephew, per tax year are deductible from Wisconsin taxable income. Contributions are considered removed from your estate for tax purposes but you still remain in control of the account.
If you do an automatic investment or direct payment you can open an account with just $15 per month. If you want to open an account without direct deposit it will be an initial investment of $250 to open the account.
The toughest decision in saving for your family's higher education expenses is making that first decision to invest. Think about your children's future this month and consider EdVest as an easy alternative for your family. The University of Wisconsin System and our Technical College System are some of the strongest in the nation and lead to great opportunities for our future. Making sure your children never have to choose between staying in school and dropping out because of debt is worth the planning now. For more information on EdVest contact my office at 608-266-6670 or 888-549-0027.
- Sen. Jon Erpenbach, D-Waunakee, represents the 27th Senate District, which includes Green County and portions of Dane, Rock and Lafayette counties.
In Wisconsin, we are fortunate to have a state sponsored savings program. The EdVest program is an innovative qualified tuition program that helps families across the country invest for one of their most important financial goals - their children's education.
Wisconsin's EdVest program is administered by the Office of the State Treasurer and is managed by Wells Fargo Funds Management. Your tax free contributions into an account for your beneficiary will be invested in a portfolio designed for the savings performance you children will need. When your child or grandchild needs your education funds they will be available for qualified higher education expenses at eligible schools including two and four year colleges, technical, vocational, and graduate programs.
BENEFITS OF EdVEST
Earnings in your EdVest account are federal and state tax free (state taxes will apply for non-Wisconsin residents).
Qualified withdrawals from the plan are federal and state tax free for Wisconsin residents.
Contributions of up to $3,000 per year per dependent, grandchild, great-grandchild, niece or nephew, per tax year are deductible from Wisconsin taxable income. Contributions are considered removed from your estate for tax purposes but you still remain in control of the account.
If you do an automatic investment or direct payment you can open an account with just $15 per month. If you want to open an account without direct deposit it will be an initial investment of $250 to open the account.
The toughest decision in saving for your family's higher education expenses is making that first decision to invest. Think about your children's future this month and consider EdVest as an easy alternative for your family. The University of Wisconsin System and our Technical College System are some of the strongest in the nation and lead to great opportunities for our future. Making sure your children never have to choose between staying in school and dropping out because of debt is worth the planning now. For more information on EdVest contact my office at 608-266-6670 or 888-549-0027.
- Sen. Jon Erpenbach, D-Waunakee, represents the 27th Senate District, which includes Green County and portions of Dane, Rock and Lafayette counties.
