529 PLANS

529 News

Wisconsin bills set to strengthen 529 state tax deduction

(February 18, 2014) - Bills intended to enhance Wisconsin's college savings plans have passed in both the Wisconsin state Senate and Assembly, and are expected to soon be signed into law by Wisconsin's governor. Applicable to taxable years beginning January 1, 2014, the bills will allow anyone, not just family members of the beneficiary, to make tax-deductible contributions to an EdVest or Tomorrow's Scholar 529 Plan account. The bills will allow annual increases to the maximum deduction for contributions (currently $3,000) based on inflation, as well as unlimited carryover of excess contributions for future deductions.

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