TOPEKA, Kan. (WIBW) – The state treasurer’s office covered the cost of admission in at the children’s discovery center this morning to encourage those coming to save for higher education.
National 529 Day, which falls on May 29, encourages families to save for education starting now whether it be a 4-year, 2-year, vocational training, technical colleges, and union apprenticeships.
The savings accounts, better known as Learning Quests, allow parents and grandparents to put money aside from a tax advantage standpoint and put it towards their children’s college funds. The money can be used for tuition or student loan debt as well.
“They’re great accounts. You get a Kansas income tax deduction and the earnings grow tax-free until they’re used and if they’re used for educational purposes, something that’s approved, and you don’t even have to pay taxes on the earnings at that point in time either. It’s a great way for parents to save for education,” said State Treasurer Lynn Rogers.
This year marks the 25th year of the 529 chapter within IRS tax law and those who came into any of the three locations across the state today could enter a raffle to win $529.
Rogers said it’s important to start now for the future.
For more information about National 529 Day, click here.
Copyright 2021 WIBW. All rights reserved.