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Indiana's CollegeChoice 529 savings program marks 25 years since creation

Brandon Smith
/
IPB News
Starting when you pay your taxes in 2024, the tax credit available for CollegeChoice 529 plans will increase from $1,000 to $1,500.

Tens of thousands of Hoosiers have nearly $7 billion invested for post-high school education as Indiana’s CollegeChoice 529 program marks 25 years since its creation.

An upcoming change will also make it a little easier for parents to save.

Indiana State Treasurer Kelly Mitchell explained that CollegeChoice 529 plan investments are managed by the state as a way for people to save for their children’s education.

“All money that is growing, tax-deferred and all money that can be spent, tax-free, on qualified education expenses,” Mitchell said.

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Commissioner for Higher Education Teresa Lubbers said it’s important to note those qualified expenses don’t just mean tuition at a traditional, four-year college or university.

“For public and private education, for technical schools, certificates – it’s a full range of higher education opportunities,” Lubbers said.

And starting when you pay your taxes in 2024, the tax credit available for 529 plans will increase from $1,000 to $1,500 – the first increase since that credit was created in 2007.

Contact reporter Brandon at bsmith@ipbs.org or follow him on Twitter at @brandonjsmith5.

Copyright 2022 IPB News. To see more, visit .

Brandon Smith is excited to be working for public radio in Indiana. He has previously worked in public radio as a reporter and anchor in mid-Missouri for KBIA Radio out of Columbia. Prior to that, he worked for WSPY Radio in Plano, Illinois as a show host, reporter, producer and anchor. His first job in radio was in another state capitol, in Jefferson City, Missouri, as a reporter for three radio stations around Missouri. Brandon graduated from the University of Missouri-Columbia with a Bachelor of Journalism in 2010, with minors in political science and history. He was born and raised in Chicago.