Edvest College Savings Plan

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Important News: 2019 state tax deduction increase

Jan 02, 2019

For the 2019 tax year, any Edvest contributions may be deducted from Wisconsin taxable income up to a maximum of $3,280 per year, per beneficiary for each tax year ($1,640 for married filing separate status and for divorced parents of a beneficiary). Contributions greater than the maximum deduction amount may continue to be carried as a deduction in future years. You do not have to be related to the beneficiary and remember, this tax benefit is per beneficiary so if you’re contributing to accounts for multiple children or grandchildren, you can potentially reduce your Wisconsin taxable income even more. Limitations apply.1

New Maximum Account Balance

The new maximum account balance per beneficiary for Edvest is $488,000. In the event your account reaches this amount, it may continue to accrue earnings/interest, though further contributions would be returned and not applied.

Portfolio Announcement

The Principal Plus Interest Investment Portfolio effective annual interest rate increases to 1.70% and is guaranteed to earn this rate through December 31, 2019, subject to the claims-paying ability of TIAA-CREF Life. Learn more about the Edvest Stable Principal Investment Options.

1To learn more about the Wisconsin College Savings Plan, its investment objectives, tax benefits, risks and costs, please see the Disclosure Booklet at Edvest.com. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. 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. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors for investing in its own 529 plan. Consult your legal or tax professional for tax advice, including the impact of the new federal tax changes. TIAA-CREF Tuition Financing, Inc. (TFI), Plan Manager.

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