SOURCE: The Ohio Tuition Trust Authority

The Ohio Tuition Trust Authority

December 20, 2011 15:53 ET

Deadline Approaching for $25 Enrollment Bonus and Annual State of Ohio Tax Deduction for Ohio's 529 Plan

Ohio Taxpayers Can Deduct Contributions Made by December 31

COLUMBUS, OH--(Marketwire - Dec 20, 2011) - Ohioans have less than two weeks to enroll and contribute to the Ohio Tuition Trust Authority's CollegeAdvantage 529 Plan to take advantage of the $2,000 annual state of Ohio income tax deduction. Any Ohio taxpayer who contributes to a CollegeAdvantage 529 account can claim the deduction including grandparents, other relatives or family friends. Up to $2,000 per contributor (or married couple) can be deducted for each child. Contributions over $2,000 per child can be deducted in future years. The deadline is December 31 for 2011 contributions to qualify.

The Tuition Trust is also offering families a limited-time incentive to open an account. Families who open a $100 CollegeAdvantage 529 account by December 31, 2011 will receive a $25 bonus when they use the promo code SAVINGS at enrollment. The bonus offer is part of the Tuition Trust's annual campaign efforts to encourage families to financially prepare for college expenses.

"Both the $25 enrollment bonus and the state tax deduction create an incentive for families to start saving and planning for higher education," said Richard Norman, Interim Executive Director. "Giving a child a CollegeAdvantage account provides an opportunity for families to give a lasting and meaningful gift this holiday season."

CollegeAdvantage makes it easy for families to save for college and offers a diverse choice of investment options from leading fund managers. Funds invested in CollegeAdvantage can be used at any college in the country to pay tuition, fees, books and room and board. Contributions to a CollegeAdvantage account can easily be made through payroll deduction; electronic funds transfer (EFT) or online. Earnings in the plan are free from state of Ohio and federal taxes when used for qualified higher education expenses.

Families can open a CollegeAdvantage account by going online at www.collegeadvantage.com or by calling 1-800-AFFORD-IT (233-6734) and requesting an enrollment kit. For more information about CollegeAdvantage or the Ohio Tuition Trust Authority please visit www.collegeadvantage.com or become a fan of CollegeAdvantage on Facebook or follow @Ohio529Plan on Twitter.

The Ohio Tuition Trust Authority is a state agency within the office of the Chancellor of the Ohio Board of Regents and was created by the Ohio General Assembly in 1989. The Tuition Trust offers the CollegeAdvantage 529 Savings Plan to provide families with a tax-advantaged way to save for college. The CollegeAdvantage program currently has more than $6.1 billion in total assets as of September 30, 2011.

Contact Information

  • Contact:
    Judy Cunningham
    PR Manager
    The Ohio Tuition Trust Authority
    614-752-9350
    Email Contact