March 20, 2023
Making a College Savings Contribution by April 18 Could Provide Tax Benefits on Last Year’s Tax Return
ATLANTA, GA – It’s tax season, and for many that means it’s time to get financial plans in order for the coming year. But did you know it’s not too late to save on your 2022 taxes, while at the same time saving for college?
For contributions made to a Path2College 529 Plan account by April 18, 2023, Georgia taxpayers may be eligible for a state income tax deduction up to $8,000 per beneficiary for those filing a joint return and up to $4,000 per beneficiary for those filing a single return. Path2College is the only 529 plan to offer a Georgia state income tax deduction.
“Tax time is traditionally when families review their financial health, adjust their spending and saving habits, and create a plan for their future,” said Georgia Student Finance Commission President Lynne Riley. “It can be an ideal time to open or add to a college savings plan for a future scholar and benefit from the tax advantages of saving.”
In addition to the tax advantages, just a few of the additional benefits of saving in Georgia’s Path2College 529 Plan include:
• Funds from the Path2College 529 Plan may be used at accredited schools across the United States and some abroad for eligible education-related expenses.
• Contributions can be as little as $25, making the goal of saving small amounts over time achievable for many families.
• Any earnings on contributions in the Path2College 529 Plan are federal and Georgia income tax-deferred.
• Withdrawals for qualified higher education expenses such as tuition, books, supplies and many other items are federal and Georgia income tax-free.*
Not sure where to start? There are free planning tools available, including a college savings calculator, saving option comparisons, research and information about college savings, and much more available at www.Path2College529.com.
For more information about the Path2College 529 Plan or to open a college savings account, please visit www.Path2College529.com or call (877) 424-4377.
*If the funds are not used for qualified higher education expenses, a federal 10% penalty tax on earnings (as well as federal and state income taxes) may apply.
To learn more about Georgia's Path2College 529 Plan, its investment objectives, risks, charges and expenses please see the Plan Description at path2college529.com. Read it carefully. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors for investing in its own 529 plan. 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. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, is the distributor and underwriter for the Path2College 529 Plan. FPS-2789624PR-O0223X
Contact:
Brian Moore, Path2College 529 Plan
[email protected]
770-724-9247
Jennifer Wiggins, Wiggins PR
[email protected]
865-680-1457