College SAVE hosts 529 Day activities
May is special for many reasons: Mother’s Day, graduations, tulips and 529 Day which celebrates tax-advantaged 529 plan accounts. Instituted by the Internal Revenue Service, 529 accounts help people save for college. In North Dakota, College SAVE is the 529 plan supported by the State. Anyone can open an account with as little as $25 for a child of any age.
At Bank of North Dakota (BND), we believe that 529 plans, which allow earnings on investments to grow state and federal income tax free, are critical in helping our residents plan for future higher education expenses. It’s why there is an annual state tax deduction based on contributions of up to $10,000 for married couples ($5,000 for single filers). It’s also why we offer a couple grant programs to help people save even more. This May, two major efforts were held to help increase awareness of College SAVE and its grant programs.
- BND partnered with the KX News Network to bring you an opportunity to win one of five $529 scholarships to start a College SAVE account or add to an existing account. Registration was open May 8 through May 28.
- We also partnered with the Bismarck Tribune Wednesday, May 24, for a free mid-afternoon to early evening event held at the Sertoma Superslide Amusement Park in Bismarck. We invited everyone to join us from 2-7 p.m. and enjoy the rides free of charge.
College SAVE grant programs help you to achieve more with your college savings.
The Children FIRST grant offers $200 to every newborn in North Dakota when an account is started by the child’s first birthday. To receive the grant, you must contribute $200 within 12 months from the date you open the account. The grant has no income restrictions.
The North Dakota Matching Grant offers up to $900 over a period of three years. To qualify, you must have a College SAVE account and meet the income requirements which begin at $120,000 federally adjusted gross income for married couples. Four of five North Dakota residents qualify for at least one year of the grant.
Money in your College SAVE account may be used for qualified distributions at any school in state or out of state. Qualified expenses include room and board, books, fees, tuition and computer equipment. To learn more visit www.collegesave4u.com.