September is College Savings Month!
Just about any job your children or loved ones aspire to will require some form of college or training after high school. National College Savings Month highlights the importance of saving now for that education, to help your family create opportunities for tomorrow. VT529, Vermont’s official 529 savings plan, offers an easy way to save and is the only plan that offers a 10% Vermont state income tax credit.
VT529 funds can be used for apprenticeships and student loan repayment, too
The Vermont tax law has been updated to add the two new allowable use of funds withdrawn from a VT529 account without adverse impact on the Vermont income tax credit: (1) for apprenticeship programs registered and certified with the U.S. Secretary of Labor and (2) for repayment of up to $10,000 per the lifetime of a beneficiary in student loans for post-secondary education at an approved postsecondary education institution. See the news video and watch the recent “You Can Quote Me” segment from May 29 with VSAC President Scott Giles. (Updates to the VHEIP tax credit information on the VT Tax website are in process.)