Maximize your Ohio income tax deduction with a contribution to your CollegeAdvantage 529 Plan

Deadline 4 pm December 31

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Dec 26, 2014, 10:04 ET

COLUMBUS, Ohio, Dec. 26, 2014 /PRNewswire/ -- The end of the year is quickly approaching for Ohioans to make their 2014 college savings contributions. Ohioans who enroll and contribute to a CollegeAdvantage account between now and the end of the year can deduct contributions up to $2,000 from their 2014 state of Ohio taxable income. Any Ohio taxpayer including parents, grandparents, family members and friends who contribute to a CollegeAdvantage 529 savings plan can claim a deduction of up to $2,000 in contributions, per beneficiary on their state of Ohio taxable income. The maximum allowable deduction per year is $2,000, but contributions can invest even more. Ohio allows contributions in excess of $2,000 per year, per beneficiary to be carried forward to future tax years until fully deducted. Ohioans have until December 31 at 4:00 p.m. ET to make their contributions for 2014. Contributions must be received in good order before the deadline.

Families interested in giving the gift of college savings this holiday season can open an account for as little as $25 online at www.CollegeAdvantage.com and begin saving for future college expenses. Funds saved through CollegeAdvantage can be used at any accredited college in the country to pay tuition, fees, books and room and board. CollegeAdvantage provides tax advantages to help families save more for college. Account owners pay no taxes on account earnings, and withdrawals used for qualified higher education expenses are exempt from both federal and state taxes.

About CollegeAdvantage:
CollegeAdvantage is Ohio's 529 college savings program, offered and administered by the Ohio Tuition Trust Authority, a state agency under the Office of the Chancellor of the Ohio Board of Regents. CollegeAdvantage is offered as the CollegeAdvantage Direct 529 Savings Plan and the CollegeAdvantage Advisor 529 Saving Plan offered and marketed through BlackRock. The CollegeAdvantage program, which offers families a tax-advantaged way to pre-save for college, currently has more than $9 billion in assets under management as of September 30, 2014. To learn more, visit www.WhatIsA529.com.

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SOURCE Ohio Tuition Trust Authority