HARRISBURG, Pa., Nov. 21, 2016 /PRNewswire/ -- As the holiday shopping season officially gets underway this Black Friday, shoppers seeking the perfect gift should consider the PA Treasury Department's tax-advantaged 529 College Savings Program. Pennsylvania residents can save $50 off enrollment fees and enter to win a $529 college savings account!
PA Treasury's 529 College Savings Program is an easy way to fund higher education with an initial contribution as low as $15 or $25 depending on plan selection and the flexibility to use the savings at most schools nationwide. In addition, the program offers generous tax benefits.
"Anyone can contribute to an account -- family, friends, neighbors -- and receive the same great tax benefits as the account owner, making 529 contributions great for the gift giver, too," said Pennsylvania Treasurer Timothy A. Reese. "If you need a gift for someone on your list, either open a new account or contribute to an existing one. It's a good investment and a perfect gift."
The PA Treasury 529 College Savings Program provides two ways to save: the PA 529 Guaranteed Savings Plan (GSP) and the PA 529 Investment Plan (IP). Both offer flexibility to pay for college expenses at most higher education institutions nationwide. The primary difference between them is the way savings grow.
The PA 529 GSP is a lower-risk plan where savings help keep pace with the rising costs of higher education without worrying about the volatility of the stock market. Go to PA529.com and use enrollment code DEAL529 when prompted to save the $50 enrollment fee on the PA 529 GSP. It's PA Treasury's gift to you this holiday season!
The PA 529 IP features low fees and more than a dozen conservative and aggressive investment options from The Vanguard Group, one of the nation's largest financial services companies. There is no enrollment fee for the PA 529 IP. Returns on the IP are based on financial market performance.
Pennsylvania taxpayers can deduct PA 529 contributions from their Pennsylvania taxable income up to $14,000 per beneficiary per year. Married couples filing jointly can deduct up to $28,000 per beneficiary if each spouse has taxable income of at least $14,000.
To learn more, or to contribute to or open a PA 529 account, visit www.PA529.com or call (800) 440-4000. Or follow us on Twitter and Facebook for more information and important plan announcements.
Media contact: Debra S. Tingley, APR, (717) 787-2991 or [email protected].
The Pennsylvania Treasury is an independent department of state government led by the state treasurer, who is elected every four years. The department's primary duty is to safeguard and manage the state's public funds. It invests state money to generate income on behalf of the citizens of Pennsylvania, reviews and processes payments for state government agencies, and serves as custodian of more than $100 billion in state funds. Key Treasury programs include Unclaimed Property, PA 529 College Savings Program and the Board of Finance and Revenue. To learn more visit patreasury.gov. The Pennsylvania 529 College Savings Program sponsors two plans – the PA 529 Guaranteed Savings Plan (GSP) and the PA 529 Investment Plan (IP). The guarantee of the PA 529 GSP is an obligation of the GSP Fund, not the Commonwealth of Pennsylvania or any state agency. Before investing in either plan, please carefully read that plan's disclosure statement (available at www.PA529.com or by calling 800-440-4000) to learn more about that plan, including investment objectives, risks, fees and tax implications.
SOURCE Pennsylvania Treasury