Indiana Treasurer of State Daniel Elliott announced Monday that the Indiana529 education savings plans have exceeded $8 billion in assets in more than 447,000 accounts.
“Every hard-earned dollar invested in an Indiana529 plan is one less that will have to be borrowed and repaid with interest,” Elliott said. “These investment accounts benefit from both tax-deferred growth and Indiana’s generous state tax credit, making an Indiana529 plan an incredibly powerful tool for funding education. We’re proud to offer this program to families investing for a future with less student loan debt.”
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 Accounts grow tax-deferred and distributions are tax-free as long as the money is withdrawn to pay for qualified education expenses like tuition, books, equipment, and fees.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).
“Eight billion dollars is an amazing milestone given that Hoosiers can start saving with as little as 10 dollars,” Program Executive Director Marissa Rowe said. “The secret to investing is to start, and you can open an Indiana529 account online in as little as 10 minutes.”
For an introduction to Indiana529 Savings Plans, register to attend a Webinar Wednesday at indiana529direct.com.
For more information about Indiana529 Savings Plans, visit myindiana529.com.
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