529 College Saving Plans
Return to Home and Family Agent Articles
When you make your list of holiday gifts for young people in your life, and check it twice, do you wish you had more meaningful gifts to give, and not the same old video games, pj’s, and gift cards? Many people like to give “experiences” for gifts instead of tangible items. What could be a more meaningful experience than an education? A college, vocational or technical education!
But how will you pay for it?
Affording higher education gets more difficult each year. Wealth Management Systems, Inc. estimates that a college degree at a four year public school, in state, will cost nearly $240,000 for a child born this year. The need to start saving now is obvious.
Saving for college may seem daunting, but an early start makes the goal more achievable. The Kansas Learning Quest 529 Education Savings Program provides a tax-advantaged way to invest for a college education.
Opening a Learning Quest account is simple and has few restrictions. Any U.S. citizen or resident may open, contribute to, or be a beneficiary of an account. There are no age, state residency, or income requirements, so residents of any state can participate in the Kansas Learning Quest program. Kansas residents can open an account for as little as $25 and contribute a minimum of $25 per month through a payroll deduction.
Funds in the Learning Quest account can be used for most expenses at any U.S. accredited public or private college, university, community college, vocational or technical school.
You can choose to have your contributions invested according to your risk tolerance and the number of years before your child enters college. Any earnings grow tax deferred. Kansas taxpayers receive an annual adjusted gross income deduction of up to $3,000 ($6,000 if married, filing jointly) for contributions per beneficiary, per year.
Ugift® is an easy, free-to-use service from Learning Quest that is perfect for contributing to a child’s 529 account at holidays, birthdays, or any time you want to contribute to their education fund. Ugift ® lets family and friends make the meaningful gift of money toward a student's education.
Learn more about opening a Learning Quest 529 Education Savings Program at https://www.learningquest.com/. Check one or more gifts off of your list. Achieve an additional income tax deduction. Start saving for the education of a special person.
The K.I.D.S. Matching Grant Program was established to help qualifying households with their higher education investing needs. The Program provides matching funds of up to $600 for contributions to a Learning Quest account. More information about the K.I.D.S. Program can be found at https://www.learningquest.com/content/kids.html.
Contact Us
Joy Miller
Family and Community Wellness Agent