News & Press Releases
Dallas pre-K student receives $1,529 college savings contribution as winner of statewide Tax Time Sweepstakes
DALLAS, GA—Callen Lott, a five-year-old Pre-K student at West Georgia Children’s Academy in Dallas, was recently awarded $1,529 for his Path2College 529 Plan account as the winner of the Path2College 529 Plan’s 2017 Tax Time Sweepstakes.
“The Path2College 529 Plan sweepstakes is a great kick start for Callen’s college education,” said David Lott, Callen’s father. “As someone who did not have the finances in place after high school, it took me until my mid-thirties to complete my degree. With this assistance we can have the financial ability to help Callen attend college when he is ready.”
The sweepstakes was held in partnership with the Georgia Department of Early Care and Learning to help educate families with children in Pre-K about the state’s college savings plan and the importance of saving for college.
“Too often families with young children aren’t thinking about 13-plus years in the future and paying for college, but a solid financial plan includes saving regularly over time,” said Mitch Seabaugh, executive director of the Path2College 529 Plan. “By reaching out to families with students in Pre-K, we hope to educate them about the state’s college savings plan and inspire them to start saving today instead of waiting, because every penny saved can help reduce student loans and helps ensure their children can continue their education.”
Families can open an account and make contributions to the Path2College 529 Plan with as little as $25.
Contributions are also deductible for Georgia income tax purposes up to $4,000 per year, per beneficiary, for those filing a joint return and up to $2,000 per year, per beneficiary, for those filing a single return. Any earnings in the Path2College 529 Plan are also federal and Georgia income tax-deferred. Withdrawals for qualified higher education expenses, which may include tuition, fees, books, supplies and equipment required for enrollment, such as computers and related technology such as internet access fees, software or printers, are federal and Georgia income tax-free.
For additional information about the Path2College 529 Plan or to open an account, please visit www.Path2College529.com.
Consider the investment objectives, risks, charges and expenses before investing in the Path2College 529 Plan. Visit www.path2college529.com for a Plan Disclosure Booklet containing this and other information. Please read it carefully.
Check with your home state to learn if it offers tax or other benefits for investing in its own 529 plan.
Taxpayers should seek advice from an independent tax advisor based on their own particular circumstances.If the funds aren’t used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply.
Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss.
TIAA-CREF Tuition Financing, Inc., Program Manager. TIAA-CREF Individual & Institutional Services, LLC, member FINRA, distributor and underwriter for the Path2College 529 Plan.