Indiana529 surpasses $8B invested for education
'Every hard-earned dollar invested in an Indiana529 plan is one less that will have to be borrowed and repaid with interest,' said Treasurer of State Daniel Elliott. 'These investment accounts benefit from both tax-deferred growth and Indiana's generous state tax credit, making an Indiana529 plan an incredibly powerful tool for funding education. We're proud to offer this program to families investing for a future with less student loan debt.'
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Officials say Indiana529 provides families with 'flexibility and choice' when it comes to saving for education after high school. Funds can be used at any eligible school or qualified apprenticeship program, both in- and out-of-state. Accounts grow tax-deferred and distributions are tax-free as long as the money is withdrawn to pay for qualified education expenses like tuition, books, equipment and fees.
The Office of the Indiana Treasurer of State says Indiana taxpayers may also be eligible for an annual state income tax credit of 20 percent of contributions to Indiana529 accounts, worth up to $1,500 each year, or $750 for married couples filing separately.
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