Enjoy tax-free college savings growth.
With an Edvest account, any earnings in your child's account grow 100% free from federal and state taxes.
1To learn more about the Wisconsin College Savings Plan, its investment objectives, tax benefits, risks and costs, please see the Plan Description at Edvest.com. Read it carefully. Wisconsin taxpayers can qualify for a state tax deduction up to $3,560 per beneficiary from contributions made in 2022. For the 2023 tax year, the maximum deduction is $3,860 per year, per beneficiary ($1,930 for married filing separate status and divorced parents of a beneficiary). Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. Consult your legal or tax professional for tax advice.
2K-12 withdrawals are limited to $10,000 per year for K-12 tuition. Student loan repayment subject to a lifetime limit of $10,000 when using a 529 plan. Withdrawals for tuition expenses at a public, private or religious elementary, middle, or high school can be withdrawn free from federal tax and Wisconsin income tax. If you are not a Wisconsin taxpayer, you should talk to a qualified professional about how tax provisions aﬀect your circumstances. Withdrawals for registered apprenticeship programs and student loans can be withdrawn free from federal taxes, however may include recapture of tax deduction, state income tax as well as penalties. You should talk to a qualified professional about how tax provisions aﬀect your circumstances.
3If the funds aren't used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply. The treatment of investments in a 529 savings plan varies by school. Assets are typically treated as the account holder’s and not the student’s. (Student assets are generally assessed at 20% whereas parental assets are generally assessed at 5.6%.) Any investments, including those in 529 accounts, may affect the student’s eligibility to get financial aid based on need. You should check with the schools you are considering regarding this issue.