Planning for your child’s educational future can begin today with the CollegeCounts 529 Giveaway. Sponsored by Alabama’s 529 college savings fund, this giveaway celebrates 5/29 Day and provides a fantastic chance for parents, grandparents, and legal guardians to win a $529 contribution to a CollegeCounts 529 account. Here’s how you can get involved and why this opportunity is beneficial.
How to Participate in the Giveaway
Starting on May 29, 2024, parents, grandparents, and legal guardians can enter the giveaway by visiting the CollegeCounts 529 Giveaway website. To be eligible, your child must have a birth date between May 29, 2023, and May 29, 2024. Simply provide your contact details along with the child’s name and birth date. The entry period closes on July 15, 2024. A total of 29 winners will be randomly chosen to receive the $529 contribution.
Advantages of the CollegeCounts 529 Plan
Tax Benefits
Contributions to a CollegeCounts 529 plan are deductible from Alabama state income tax, with potential deductions of up to $10,000 for married couples filing jointly and $5,000 for single filers each year (Alabama State Treasury).
Flexible Contribution Options
The plan has no minimum contribution requirement, making it easy for families to start saving with any amount. Contributions can come from anyone, including parents, grandparents, friends, and other relatives.
Versatile Use
Funds in a CollegeCounts 529 account can be used at various educational institutions across the U.S., including colleges, universities, trade schools, and graduate schools. The funds cover qualified expenses such as tuition, fees, room and board, books, supplies, and necessary equipment like computers for enrollment (Alabama State Treasury).
The Importance of Starting Early
According to Alabama State Treasurer Young Boozer, starting early and saving consistently can have a significant impact on your child’s educational future. Establishing a habit of regular contributions, no matter how small, can make a big difference. Winning the giveaway could provide a substantial boost to your savings journey.
Start planning for your child’s educational future today and take advantage of this exciting opportunity with the CollegeCounts 529 Giveaway.
