Treasurer of State Daniel Elliott announced Monday that Indiana’s CollegeChoice 529 Savings Plans has rebranded to Indiana529. The new name and updated look reflect the expansion of 529 plans to provide more opportunities for families.
Elliott
“Over the years, 529 plans have evolved to become more inclusive of all higher education pursuits, including college, technical school, apprenticeships, and beyond,” Elliott said. “This rebrand is an exciting representation of that. Hoosiers have big dreams and Indiana529 is helping families save early and often – expanding opportunities and paving the way for all students to find future success.”
Indiana529 is the state-sponsored investment plan, offering a simple and tax-smart way to save for your children’s (or grandchildren’s) future education expenses. For every dollar you invest, savings grow tax-free and can be used for qualified expenses like tuition, fees, and equipment at eligible schools across the country, including two- and four-year colleges, tech and trade schools, graduate schools, and registered apprenticeship programs.
Indiana taxpayers may also be eligible for a state income tax credit of 20 percent of contributions to an Indiana529 account, up to $1,500 ($750 for married couples filing separately) per year. Since you don’t have to own the account to receive the credit, this makes giving to an Indiana529 account very attractive to family and friends who want to support a child’s dreams.
“Saving for the future is easier than you think,” Program Executive Director Marissa Rowe said. “Indiana529 offers families the flexibility they need to save on every budget and timeline. And with additional gift tax and estate planning benefits, contributors can save in the process, too!”
For just $10, you can open an Indiana529 account and begin saving today. Visit MyIndiana529.com to learn more and get started – because dreams are worth saving for.
About Indiana529 & the Indiana Education Savings Authority
Indiana529 is Indiana’s tax-advantaged 529 education savings program and is offered and administered by the Indiana Education Savings Authority, a state government quasi-agency and board chaired by Treasurer of State Daniel Elliott. Indiana529 includes the Direct, Advisor, and CD Plans and has more than $7.3 billion in assets under management in over 437,000 accounts as of March 31, 2024.
For more information about Indiana529, call 1-866-485-9415 or visit MyIndiana529.com to obtain a Disclosure Booklet, which includes investment objectives, risks, charges, expenses, and other important information; read and consider it carefully before investing.
Indiana taxpayers are eligible for a state income tax credit of 20 percent of contributions to an account, up to $1,500 credit per year ($750 for married couples filing separately). This credit may be subject to recapture from the account owner (not the contributor) in certain circumstances, such as rollovers to another state’s 529 plan, federal nonqualified withdrawals, withdrawals used to pay elementary or secondary school tuition for a school outside of Indiana, education loan repayments, or rollovers to a Roth IRA account, as described in the Disclosure Booklet.