Great Holiday Gift Idea
Grandma and Grandpa stumped trying to decide what to give the grandkids? Tired of buying them pajamas they don’t like to wear? Give them the gift of opportunity and get a tax break for yourself when you add to their CollegeAdvantage account. Now is the perfect time to make a contribution to your child’s or grandchild’s CollegeAdvantage account. --OK, it’s not the latest toy or gadget for the kids, but they will appreciate it a lot longer. –Plus, YOU get a gift now in the form of a tax deduction on your Ohio Taxes. How does it work?
CollegeAdvantage, Ohio's 529 plan, is the only 529 college savings plan that allows Ohio taxpayers to deduct their contributions from Ohio taxable income - up to $2,000 per beneficiary, per calendar year, with unlimited carry forward in future years. The December 31 deadline for the 2009 tax year is approaching, so get on it.
It’s a gift anyone can give, everyone can get the tax benefit The deduction is not limited to the parents of the beneficiary. Each contributor who is an Ohio taxpayer can take the Ohio state tax deduction: parents, grandparents, other relatives, even family friends. Once the account is set up, they will send you pre-printed deposit slips that you can give to grandparents, friends, relatives, godparents, etc. and whatever amount they decide to give will be allocated in your child’s account according to your instructions. Yes, it may take a few years for the kids to appreciate it, but hey, it’s not a pair of pajama’s…
John Davidson, CPA, CFP
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CollegeAdvantage, Ohio's 529 plan, is the only 529 college savings plan that allows Ohio taxpayers to deduct their contributions from Ohio taxable income - up to $2,000 per beneficiary, per calendar year, with unlimited carry forward in future years. The December 31 deadline for the 2009 tax year is approaching, so get on it.
It’s a gift anyone can give, everyone can get the tax benefit The deduction is not limited to the parents of the beneficiary. Each contributor who is an Ohio taxpayer can take the Ohio state tax deduction: parents, grandparents, other relatives, even family friends. Once the account is set up, they will send you pre-printed deposit slips that you can give to grandparents, friends, relatives, godparents, etc. and whatever amount they decide to give will be allocated in your child’s account according to your instructions. Yes, it may take a few years for the kids to appreciate it, but hey, it’s not a pair of pajama’s…
John Davidson, CPA, CFP
Return to News Home