State treasurer’s office hosts college savings giveaway
CollegeCounts, Alabama’s 529 Fund, will celebrate 5/29 day – May 29 – with a fourth annual statewide giveaway focused on babies born between May 29, 2017, and May 29, 2018.
CollegeCounts will randomly select 29 winners to receive $529 in contributions to an existing or newly-opened college savings account.
Parents can visit www.collegecounts529.com/giveaway to register by entering their contact information and the child’s date of birth. Selected winners must provide a birth certificate or commemorative birth announcement to receive funds.
“The 5/29 Day promotion was put into action as a way to encourage families to jumpstart college savings as early as possible,” said Alabama state treasurer Young Boozer. “We understand that welcoming a new baby can be overwhelming, but we hope to shift the priority of planning now for what’s next.”
CollegeCounts has no minimum contribution requirement, making it easy for families and friends to invest a little at a time. The plan uses quality investment funds, from Vanguard, T. Rowe Price, Fidelity, PIMCO, Dodge and Cox, Mainstay and DFA.
Under the 529 Section of the tax code, special tax benefits are provided to families saving for future college expenses. In addition, Alabama taxpayers may receive a generous state income tax deduction of up to $10,000 for married couples filing jointly or $5,000 for single filers on contributions to CollegeCounts each year.
CollegeCounts funds may be withdrawn and used at colleges, universities, trade schools and graduate
schools at one-, two- and four-year institutions in Alabama and across the U.S. – including
vocational, technical, community, public and private colleges and universities – for qualified
expenses like tuition, fees, room and board, books, supplies, and equipment required for enrollment, including computers.
To enter a child born between May 29, 2017, and May 29, 2018, in the 5/29 Day promotion, visit www.collegecounts529.com/giveaway.
The deadline to enter is July 13.
For information on how to open an account, visit www.collegecounts529.com.
