COLUMBUS, Ohio, Dec. 12, 2013 /PRNewswire/ -- The Ohio Tuition Trust Authority encourages Ohioans to make contributions to their CollegeAdvantage 529 savings plan before December 31. Contributions made to a new or existing account before year-end are eligible for a tax deduction of up to $2,000 per beneficiary on Ohio taxable income.
"It's almost tax season, and families across Ohio are rounding up their receipts hoping to itemize and deduct as much as possible," said Paul Paeglis, Executive Director of the Ohio Tuition Trust Authority. "Making a contribution to a CollegeAdvantage account before year-end is a great way to save for your child's education and enjoy a significant tax deduction."
In addition, with a CollegeAdvantage 529 account, earnings grow tax-free and qualified withdrawals used for higher education expenses are exempt from federal and Ohio income tax.
To open an account or to learn more about Ohio's CollegeAdvantage 529 plan, visit www.CollegeAdvantage.com or call (800)-AFFORD-IT (233-6734).
About Ohio Tuition Trust Authority
The Ohio Tuition Trust Authority is a state agency within the office of the Chancellor of the Ohio Board of Regents and was created by the Ohio General Assembly in 1989. The Tuition Trust offers the College Advantage 529 Savings Plan to provide families with a tax-advantaged way to save for college. The CollegeAdvantage program currently has more than $8.1 billion in assets as of September 30, 2013. For more information, visit www.collegeadvantage529.com, like CollegeAdvantage on Facebook or follow @Ohio529Plan on Twitter.
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Video with caption: "Seth and Beth, father and mother of one with baby no. 2 on the way, share how CollegeAdvantage helps them put college within reach for their children." Video available at: http://youtu.be/jzgFqhWOL4A
Image with caption: "Ohio Tuition Trust Authority College Advantage logo". Image available at: http://photos.prnewswire.com/prnh/20131212/MM32744LOGO-a
Image with caption: "Kids grow fast. College is crucial. Will you be ready? This infographic outlines the facts and figures of saving for your child's college expenses." Image available at: http://photos.prnewswire.com/prnh/20131212/MM32744-INFO-b
Public Relations Manager
Ohio Tuition Trust Authority
SOURCE The Ohio Tuition Trust Authority