Elberta family awarded in CollegeCounts savings

Baby Watts born in May 2016 receives starter funds in honor of 5/29 Day

SUBMITTED BY Glenda Allred
Posted 7/22/16

Alabama State Treasurer Young Boozer announced July 14, the statewide winners of the CollegeCounts Alabama’s 529 Plan promotion, one of whom was the newborn welcomed by Tiffany Watts of Elberta. …

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Elberta family awarded in CollegeCounts savings

Baby Watts born in May 2016 receives starter funds in honor of 5/29 Day

Posted

Alabama State Treasurer Young Boozer announced July 14, the statewide winners of the CollegeCounts Alabama’s 529 Plan promotion, one of whom was the newborn welcomed by Tiffany Watts of Elberta.

The promotion, held in honor of 5/29 Day (May 29), gave families of children born from May 1-31, 2016, the opportunity to visit AL529Day.com and enter their contact information and date of their child’s birth for a chance to win $529 in CollegeCounts funds. For the second year in a row, the promotion offered up a total of $16,399 to parents of 31 newborns statewide.

Watts along with the other randomly selected winners now have the opportunity to build upon the initial funds with additional contributions.

“We were thrilled with the participation in this year’s 5/29 Day promotion and hope it served to reinforce the importance of investing in education early and often,” said Young Boozer, Alabama State Treasurer.

CollegeCounts has no minimum contribution requirements, allowing families to open accounts and save a little each month through quality investment funds, including Vanguard, T. Rowe Price, Fidelity, Dodge and Cox, MainStay and DFA.

According to independent investment research firm, Morningstar, 35 percent of parents using 529 plans say they do so for tax benefits. Under the 529 Section of the tax code, special tax benefits are provided to families saving for future college expenses. Alabama taxpayers may receive a generous state income tax deduction of up to $10,000 for married couples filing jointly ($5,000 for single filers) on contributions to CollegeCounts each year.

“Every little bit helps, and we encourage these families to continue contributing in order to help lessen the burden of college costs in the future – all while benefitting from tax advantages along the way,” Boozer said.

Funds may be withdrawn and used at colleges, universities, trade schools and graduate schools at one-, two- and four-year schools in Alabama and across the U.S. – including vocational, technical, community, public and private colleges and universities – for qualified expenses like tuition, fees, room and board (if enrolled at least half-time), books, supplies and equipment required for enrollment, including computers.

For more information or to learn how to invest in an account, please visit CollegeCounts529.com.