Jim DiUlio, director of EdVest (PHOTO: Bob Meyer)
Edvest gets easier and more people can contribute.
Wisconsin’s 529 college savings program is new and improved. Jim DiUlio is director of EdVest. “One of the big changes we made now is that the tax deduction only went to parents and grandparents, aunts and uncles. We got a new change now. Any adult can put money in the account for a child. They don’t have to be related. It could be a godparent or whatever. And they can also get the tax deduction.”
They have also made it possible to contribute to an account electronically. DiUlio touts it as a good investment for the child’s education, and money invested in the program grows tax free. “We’ve also made a change now … it used to be up to $3,000 you could deduct on your Wisconsin income taxes, but now it’s up to $3,050. And we go through a formula so it increases a little bit each year because college costs more, too.”
Anyone can open an account with as little as 25 bucks, he says, and then add to it as you see fit. DiUlio notes it is never too late to start an account for a child and the money can be used at universities, colleges, and technical colleges.
DiUlio notes there’s plenty of information online — via their website EdVest.com, Facebook, Twitter, YouTube, and their blog.
(Thanks to Bob Meyer, Brownfield)