Planning for your child’s educational future can start today with the CollegeCounts 529 Giveaway. Hosted by Alabama’s 529 college savings fund, this giveaway celebrates 5/29 Day and offers an exciting opportunity for parents, grandparents, and legal guardians to enter for a chance to win a $529 contribution to a CollegeCounts 529 account. Here’s how you can participate and why it’s a great opportunity.
How to Enter the Giveaway
Starting May 29, 2024, parents, grandparents, and legal guardians can register online by visiting the CollegeCounts 529 Giveaway. To qualify, your child must be born between May 29, 2023, and May 29, 2024. Simply enter your contact information along with the child’s name and date of birth. The deadline for entries is July 15, 2024. A total of 29 winners will be selected to receive the $529 contribution.
Benefits of the CollegeCounts 529 Plan
- Tax Advantages: Contributions to a CollegeCounts 529 plan can be deducted from Alabama state income tax, with potential deductions of up to $10,000 for married couples filing jointly ($5,000 for single filers) each year (Alabama State Treasury).
- Flexible Contributions: There is no minimum contribution requirement, making it accessible for families to start saving with any amount. Contributions can come from anyone, including parents, grandparents, friends, and relatives.
- Broad Usage: Funds in a CollegeCounts 529 account can be used at a variety of 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 even equipment like computers required for enrollment (Alabama State Treasury).
Why Start Now?
Alabama State Treasurer Young Boozer emphasizes the importance of starting early and saving often. Establishing a habit of regular contributions, no matter how small, can significantly impact your child’s educational future. Winning the giveaway could provide a significant initial boost to your savings efforts.
Visit CollegeCounts at Babypalooza
Visit with CollegeCounts at the Birmingham Babypalooza Baby Expo on August 17, 2024 at BJCC East Ballroom. A CollegeCounts representative will be available to answer any questions you have about starting a college savings plan and the benefits of the CollegeCounts 529 plan. This is a great opportunity to get personalized advice and learn more about how you can secure your child’s educational future.
