ScholarShare Encourages Parents to Deposit Tax Refund Into 529 Account
California's 529 College Savings Plan Has Three Ways to Put Tax Refund to Work
(firmenpresse) - SACRAMENTO, CA -- (Marketwired) -- 04/27/15 -- Another tax filing season has passed and , California's 529 college savings plan, encourages parents to deposit the tax refund into a ScholarShare 529 college savings account. The tax refund can bring potential lifelong returns for an aspiring college graduate.
ScholarShare has three easy to ways to put your to work. If you've filed for an extension, have the Franchise Tax Board deposit some or all of the refund directly into one or more ScholarShare accounts. Additionally, if you've already filed, you can make a contribution electronically directly from your bank account or mail a check made out to ScholarShare College Savings Plan.
ScholarShare, recently awarded a Bronze medal rating by Morningstar, a prominent ratings agency, has the tools to make it easier than ever for family and friends to contribute. Through ScholarShare's "" option, parents, grandparents, aunts, uncles and family friends can open a new 529 plan account as a gift or make a gift contribution to an existing one. College savings specialists are available to answer questions by phone or in-person consultations at no cost.
ScholarShare offers a wide variety of low-cost investment options. It also provides valuable tax advantages. Any U.S. citizen, or resident alien with a valid Social Security Number or Taxpayer Identification Number, can open a new account. Funds can be used at any eligible educational institution in the nation, and some abroad, for a variety of qualified higher education expenses, including mandatory fees, books, supplies, or even certain room and board costs.
ScholarShare accounts may be opened with as little as $25. ScholarShare has no annual account maintenance fee, no income limit and offers a high maximum account balance. Established in 1999, ScholarShare currently holds more than $6.4 billion in assets in more than 262,000 accounts as of 04/10/15. To sign up for an account or for more information about the plan, visit . For information about the ScholarShare Investment Board (SIB), visit . Like ScholarShare on Facebook at and follow us on Twitter at .
Named for the section of the IRS code under which they were created, 529 plans offer valuable tax advantages. Contributions are made with money that has already been taxed. Once funds are placed in the account, investment earnings, if any, are not federally or state taxed, if withdrawn to pay for qualified higher education costs.
The ScholarShare 529 College Savings Plan Twitter and Facebook pages are managed by the State of California.
TIAA-CREF Tuition Financing, Inc., Plan Manager.
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Datum: 27.04.2015 - 15:00 Uhr
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News-ID 388698
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