An Easy Way for Your Employees to Save on Their 2020 Taxes
There's a simple and easy way for employees to still save on their 2020 Wisconsin taxes: Open and contribute to an Edvest college savings account and give a child's or grandchild’s education a boost. Any Edvest contributions made by April 15th may qualify for a state tax deduction up to $3,340 per child (increases to $3,380 in 2021). Limitations apply.*
Even if a family has already contributed in 2020, they may further reduce their state taxable income. It's quick and easy to make additional contributions at Edvest.com.
• What's more, any amount over $3,340 per beneficiary can be carried forward to reduce state taxes in future years.
• AND take advantage of the federal gift tax exclusion up to $15,000 a year.
Don’t forget –any earnings from Edvest grow 100% free from federal and state taxes which can mean more money for college. Withdraw savings tax free for all qualified education expenses at any accredited college, university or technical college nationwide (and many abroad) for tuition, room and board, books, computers and more.
Act by April 15, 2021, to maximize your savings. Call 888-338-3789 Monday thru Friday from 7 am to 9 pm or visit Edvest.com.
*To learn more about the Wisconsin College Savings Plan, its investment objectives, tax benefits, risks and costs, please see the Plan Description at Edvest.com. Read it carefully. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors for investing in its own 529 plan. If the funds aren't used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply. Consult your legal or tax professional for tax advice. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the Wisconsin College Savings Plan.