TOPEKA, Kan. (WIBW) – The Treasurer’s Office covered the cost of entry to the Children’s Discovery Center this morning to encourage those who come to save for higher education.
National 529 Day, which falls on May 29, encourages families to start saving for education immediately, whether it’s a 4-year, 2-year professional training, technical college, or union apprenticeship.
The savings accounts, better known as study quests, allow parents and grandparents to put money aside from a tax perspective and use it for their children’s college funds. The money can also be used for tuition fees or loan debt.
“These are great reports. You are given a Kansas income tax withholding and income goes up tax-free until used. If they are used for educational purposes it is approved and you don’t even have to pay tax on the receipts at this time either. It’s a great way for parents to save for education, ”said State Treasurer Lynn Rogers.
This year marks the 25th year of Chapter 529 under IRS tax law, and those who got to any of three locations across the state today could enter a prize draw for $ 529.
Rogers said it was important to start now for the future.
More information about National 529 Day can be found here.
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