MONTGOMERY – CollegeCounts is a sound investment for Alabamians to make for their children and grandchildren.
And, the State Treasurer’s office is offering to kick start that investment with its 12th annual 529 college savings fund giveaway.
To celebrate 5/29 Day – Wednesday – the giveaway is focused on babies born in Alabama between May 29, 2023, and Wednesday.
CollegeCounts will randomly select 29 winners to receive $529 in contributions to an existing or newly opened CollegeCounts account.
“When you’re looking at the face of a newborn, it is extremely difficult to make decisions for that same child many years into the future. But it is wise to do so,” said Alabama State Treasurer Young Boozer. “New parents should keep in mind only one mantra when considering college savings: start early and save often.”
Beginning Wednesday, parents, grandparents and legal guardians can visit here to register by entering their contact information and the child’s name and date of birth.
“Pay less attention to how much money you invest into an account, but instead, establish a habit of investing, whether it’s $20, $50 or $100 or more each month,” Boozer said. “Being the lucky winner of this drawing would be a great way to get started.”
CollegeCounts has no minimum contribution requirement, making it simple for families and friends to invest a little at a time. The plan utilizes investments from Dodge and Cox, Vanguard, T. Rowe Price, Fidelity and PIMCO.
Funds may be withdrawn and used at one-, two- and four-year schools in Alabama and across the U.S. – including vocational, technical, community, public and private colleges and universities. The funds cover qualified expenses such as tuition, fees, room and board (if enrolled at least half-time), books, supplies; and equipment required for enrollment, including computers.
Under Section 529 of the IRS tax code, special tax benefits are provided to families saving for college expenses. In addition, Alabama taxpayers may receive a state income tax deduction of up to $10,000 for married couples filing jointly ($5,000 for single filers) on contributions to CollegeCounts each year.
To enter an Alabama child born between May 29, 2023 and Wednesday in the 5/29 Day Giveaway, visit www.collegecounts529.com/giveaway. No purchase is necessary to enter or win a prize.
All entries must be submitted by July 15. Selected winners must provide a birth certificate or commemorative birth announcement to receive the prize contribution of $529 into a new or current CollegeCounts account for the newborn they register.
For information on opening an account, investment objectives, risks and costs, or to read the Program Disclosure Statement, visit www.CollegeCounts529.com.
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