Building You: Reduce taxable income by investing in Learning Quest 529 plans
WICHITA, Kan. (KWCH) - Kansas State Treasurer Lynn Rogers continues to promote the Learning Quest 529 educational savings accounts.
“Provides so many benefits to Kansans. They can prepare for their future, their child’s future, their grandchild’s future, even nieces and nephews. Aunts and uncles are opening these accounts,” said Rogers.
At the end of November 2021, the state had 74,051 funded, in-state 529 accounts for a total in assets of $1,532,450,992.
“Really lets people stretch their money. Those who make a contribution can get a Kansas tax deduction,” said Rogers.
Kansas taxpayers who contribute to a 529 plan can deduct contributions from their taxable income. They receive an annual adjusted gross income deduction of up to $3,000 for a single filer, or $6,000 for a married, joint filer per year, per child.
The money in a Learning Quest 529 account is tax deferred, which means that taxes are not paid, as funds accumulate in the account. Funds can be withdrawn tax free if used for qualified expenses such as tuition, books, room and board.
The funds can be used for the cost of education at a four-year, two-year school, technical and community colleges, trade schools, registered apprenticeship programs, and graduate school.
To learn more about a Learning Quest 529 account, click here.
To learn more about other savings programs and scholarship opportunities, click here.
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