Save on taxes, save more for college.
What makes CollegeChoice Advisor different?
Your savings can compound free of ANY federal or state taxes.1
Distributions for qualified higher-education expenses are free from federal and Indiana state income tax.1
State tax credit
Indiana taxpayers are eligible for a state income tax credit of 20% of contributions to a CollegeChoice Advisor account, up to $1,000 credit per year.2
Estate tax advantages
Contribute as much as $15,000 per beneficiary each year ($30,000 for married couples filing jointly), without incurring gift-tax consequences.
Or choose a special election that allows you to treat a $75,000 contribution ($150,000 married filing jointly) as if it was made over a five-year period.3
1 Earnings on non-qualified withdrawals are subject to federal income tax and may be subject to a 10% federal penalty tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements. See the Disclosure Statement for more details on qualified expenses.
2 This credit may be subject to recapture from the account owner (not the contributor) in certain circumstances, such as a rollover to another state's qualified tuition program or a non-qualified withdrawal. Please note that, effective January 1, 2010, the Indiana state income tax credit will no longer apply to rollovers from another state's qualified tuition program or to transfers from the Upromise service into a CollegeChoice Advisor account. All other contributions will continue to be eligible for the tax credit to the extent previously allowable.
3 In the event the donor does not survive the five-year period, a pro-rated amount will revert to the donor's taxable estate.