There are lots of dates that combine to make outrageous days that the “world recognizes” (thanks to the internet of course). There is Star Wars Day (May the 4th), Talk Like a Pirate Day (September 19th, mateys!) and even Mole Day (October 23rd from 6:02 am to 6:02 pm; it’s a chemistry thing). But I have one to tell you about that may seem silly, but can make you some sweet moolah back on your taxes and help you save for the education of yourself or your family. You ready for this?
May 29th (529) is 529 Savings Plan day! Wondering what that is? Well, guess what! I know. It’s a program offered through the state of Iowa that promotes educational saving. You can deposit money monthly, quarterly or whenever you feel like it really. You can then withdraw the money when it’s time to pay the tuition bill for yourself, your kids, your grandkids, your nieces or nephews – it’s really that flexible! Note, this requires rearranging the account to add the person that you’re giving the money to as a beneficiary and fancy stuff like that, but it’s easy to do and you can switch it at any time!
I’m no tax expert, but I can tell you that you’re able to deduct up to $2,865 from your adjusted gross income when filing your state tax return…so that’s going to save you money! (Be sure to check with your tax consultant for details about qualification!)
I can speak from experience, folks. I actually set one of these suckers up for myself back in February! I’m using it as a place to save to pay my tuition for my continuing education. I found that it was actually ridiculously easy to set up. Only took me about 6.25 minutes! The only thing easier than setting my 529 up is maintaining it. I’m actually excited for tax season next year so I can earn some extra green back!
I can tell you with complete confidence that this is something you want to look into if you are in school, may go back, have a kid or grandchild you want to help with school, or just might have a kid some day!
Aside from all this awesome stuff, until the end of the month (May 31st), the state is offering a chance to win $529 (clever right??) in a drawing done for those who register a new account. For more information, go check out http://www.collegesavingsiowa.com/ and look for this image: