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Deciding on how you will plan to fund your child's education? Interested in helping to fund your grandchild's future? The College Savings Plan of Nebraska provides an excellent economical and accessible way to fund higher education, according to J.J. Bixby, Fremont National Investments & Planning Senior Financial Consultant.
The college Savings Plan of Nebraska is a Qualified Tuition Program under Section 529 of the Internal Revenue Code. The 2000 Nebraska Legislature designed this program to encourage the funding of higher education through savings in a public trust. This account may be used for tuition, supplies, equipment, fees, books and reasonable room and board expenses. Qualifying institutions for higher education include private and public schools within the United States. Recent legislation increased the Nebraska state income tax deduction for contributions by account owners to Nebraska 529 accounts from $1,000 to $5,000 (the increase changes from $500 to $2,500 if married filing separately). This is exciting news for college savers! These changes will be effective for tax years on or after January 1, 2007. Additional information on the College Savings Plan of Nebraska is available at http://www.planforcollegenow.com.
Fremont National Investments & Planning located at Fremont National Bank is here to answer your questions about the College Savings Plan and direct your funds to the appropriate accounts. Stop in today or make an appointment with either member of our Fremont National Investments & Planning team, J.J. Bixby or Dawn Fritz, 402-721-1050.
Before investing in a 529 plan, investors should carefully consider whether their home state offers any state tax or other benefits that are only available for investments in their state’s 529 college savings plan.
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For a comprehensive review of your personal situation, always consult with a tax or legal Advisor. Neither PrimeVest, nor any of its representatives may give legal or tax advice.
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