As schools reach summer break and families prepare to enjoy the Memorial Day weekend, Kansas State Treasurer Dennis McKinney encourages families to take time on May 29th to visit with each other about their educational goals.
Students with funds set aside for their higher education are seven times more likely to attend college than those without them.
"As school districts across the state wrap up their school year, opening a 529 account for your children or grandchildren and saving whatever you can afford is a great way to help finance their dreams."
May 29th is recognized as 529 College Savings Day which were created through Section 5 2 9 of the I.R.S. code. The section covers plans like the Learning Quest 529 Education Savings Plan, Learning Quest Advisor, and the Schwab 529 that are administered by the Kansas State Treasurer's Office.
The accounts work like an I.R.A. with tax deferred growth and a tax free withdrawal of earnings if spent on qualified higher education expenses at any traditional four year college, community college or technical college. Kansas taxpayers also get a tax deduction when they contribute to any 529 plan of up to $3,000 for single filers or $6,000 for joint filers.
Nearly 55,000 Kansans have invested nearly $581 million through Learning Quest to provide for future educational expenses for their children and grandchildren.
Learning Quest also has a matching grant program for low income families where the state will match the first $600 invested by account owners with incomes less than $44,100 for a family of four.
Learn more by visiting www.learningquest.com or www.schwab.com/529 or call us at 1-800-579-2203.
