The Indiana529 education savings plans have exceeded $8 billion in assets in nearly 450,000 accounts.
“Every hard-earned dollar invested in an Indiana529 plan is one less that will have to be borrowed and repaid with interest,” said Daniel Elliott, Treasurer of State. “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 helps families save for education after high school. Funds can be used at any eligible school or qualified apprenticeship program, both in Indiana and out of state. Distributions are tax-free as long as the money is withdrawn to pay for qualified education expenses like tuition, books, equipment and fees.
Taxpayers may also be eligible for an annual state income tax credit of 20% of contributions to Indiana529 accounts, worth up to $1,500 per year.
“Eight billion dollars is an amazing milestone given that Hoosiers can start saving with as little as 10 dollars,” said Marissa Rowe, program executive director. “The secret to investing is to start, and you can open an Indiana529 account online in as little as 10 minutes.”
To learn more, visit myindiana529.com.
To read more like this, click here.
Contact Health & Environmental Reporter Hanna Rauworth at 317-762-7854 or follow her on Instagram at @hanna.rauworth.
Hanna Rauworth is the Health & Environmental Reporter for the Indianapolis Recorder Newspaper, where she covers topics at the intersection of public health, environmental issues, and community impact. With a commitment to storytelling that informs and empowers, she strives to highlight the challenges and solutions shaping the well-being of Indianapolis residents.
