The CollegeChoice 529 Savings Plans, governed by the Indiana Education Savings Authority (IESA) and administered by Upromise Investments, LLC., allows Hoosiers to plan for their children's or loved one's future by making contributions into an investment account for higher education expenses. In addition to lowering costs and expanding the investment options, Indiana offers a tax credit that makes the CollegeChoice Plan an even better option.
Qualified withdrawals from a CollegeChoice 529 Plan account are already state and federally tax-exempt. Additionally, Indiana taxpayers who contribute to a CollegeChoice 529 account become eligible for a 20% state income tax credit ofup to $1,000 on their contributions.
Every state offers some form of 529 college savings plan, but Indiana taxpayers are only eligible for their 20% tax credit with an Indiana CollegeChoice account. CollegeChoice accounts can be used to pay for expenses at any accredited college, university, and many vocational training programs in Indiana or worldwide.
Indiana residents can enroll in the CollegeChoice Direct investment option free of any sales commissions. For more information about the CollegeChoice Plan, visit their web site at collegechoiceplan.com or call toll free 1-866-485-9415.