Arizona Celebrates 529 Plan As A Tax Deductible Opportunity To Save For College
During September, National College Savings Month, the Arizona Family College Savings Program, 529 Plan, will be showcased statewide.
- (1888PressRelease) July 25, 2010 - Phoenix, Ariz. - Today there are more reasons than ever to put money aside for college. According to the findings of the Institute for Higher Education, by 2012, an increased need in occupational 'upskilling' will translate into an extra 20 million jobs requiring a bachelor's degree or higher. The requirement of a four-year college degree for employment has become increasingly more common, and in some cases is imperative for success in the competitive job market. At the same time the cost of college (not including room, board or books) has historically escalated at a rate exceeding the rise of inflation.
Sponsored by the State of Arizona, the Arizona Family College Savings Program is designed to help families meet the rising costs of higher education in an easy, flexible and tax advantaged way. In September the program will be highlighted by the Arizona Commission for Postsecondary Education (ACPE) as part of its commitment to providing access and success in postsecondary education for Arizonans.
Families financially benefit from 529 accounts in several ways. Earnings in a 529 Plan grow federal income tax-deferred. Withdrawals from a 529 Plan college savings account are federal income tax-free if they are applied to qualified higher education expenses such as tuition, fees, room, board and books. In addition, for Arizona taxpayers annual contributions to the 529 Plan are Arizona state income tax deductible up to $750 per person and $1500 per married couple. A 529 Plan can be used for college expenses at any accredited postsecondary institution in the U.S., and for educational expenses at some institutions abroad.
Arizona Family College Savings Program offers investment options through three respected providers, Fidelity Investments, Wadell & Reed and College Savings Bank. Investment options include a choice of FDIC Insured CD's, mutual funds, age-based portfolios and risk-based portfolios. The Arizona 529 Plan offers one of the widest arrays of investment choices amongst all state sponsored 529 Plans.
Dr. April Osborn, Executive Director for the Arizona Commission for Postsecondary Education states, "A college savings account is very motivating for a child or teenager. It shows the family values a college education and that planning is required on everyone's part to achieve a degree. By opening a college savings account parents model planning, show confidence in their child's future, and make college more affordable by using state and federal tax advantages."
During September, the Arizona Commission for Postsecondary Education will feature multiple celebratory, interactive and entertaining family events which shall inform, educate and encourage participation in opening an Arizona 529 Plan account.
About the Arizona Commission for Postsecondary Education (ACPE)
The Arizona Commission for Postsecondary Education's mission is to expand access and to increase success in postsecondary education. ACPE is the state's administrator for Arizona Family College Savings Program, administers student financial aid programs, hosts College Goal Sunday, and numerous other postsecondary education initiatives. For more information, call 602-258-2435 or visit the website at www.azhighered.gov to find out about the Commission, and go to www.az529.gov to learn more about Arizona Family College Savings Program.
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