Indiana529 surpasses 450,000 accounts

Submitted by Office of Treasurer Daniel Elliott

Treasurer of State Daniel Elliott announced Monday that the Indiana529 Savings Plans have surpassed 450,000 funded accounts.

“It’s a testament to the Hoosier spirit that families across our state are choosing to open Indiana529 accounts for their children and grandchildren to pay for future education and career training,” Treasurer Elliott said. “These tax-advantaged investments give families a financial head start by reducing reliance on student loans.”

Indiana529 provides families with flexibility and choice when it comes to saving for education after high school. Funds can be used at any eligible school or qualified apprenticeship program, both in- and out-of-state. Accounts grow tax-deferred and distributions are tax-free as long as the money is withdrawn to pay for qualified education expenses like tuition, books, equipment, and fees.

Indiana taxpayers may also be eligible for an annual state income tax credit of 20 percent of contributions to Indiana529 accounts, worth up to $1,500 each year ($750 for married couples filing separately).

“We welcome new families into Indiana529 every day,” Program Executive Director Marissa Rowe said. “Expanded qualified expenses, low minimums, and easy gifting make Indiana529 a terrific option for Hoosiers.”

For more information about Indiana529 Savings Plans, visit myindiana529.com.