Enhancements in Wisconsin’s Tomorrow’s Scholar 529 Plans

For 2014, there are been some very beneficial tax code enhancements to Wisconsin’s  Tomorrow’s Scholar 529 College Savings Plan which is sponsored by the State of Wisconsin.

Specifically those changes provide for:
• A reduction from Wisconsin taxable income of up to $3,050 of annual contributions for each beneficiary account (adjusted annually for inflation). This income reduction is available to anyone who makes contributions during the tax year, regardless of whether they are the account owner or their relationship to the beneficiary

• Contributions may be made for the tax year up to April 15th of the following year and contributions that exceed the maximum reduction amount for a tax year may be carried forward to reduce future taxable income

• The account balance is excluded from calculation of state funded financial aid awards and is protected from claims by creditors

• In addition, the $25 Annual Maintenance Fee is waived.

If you have a student enrolled in the Tomorrow’s Scholar Plan or have interest in enrolling a student, please contact us at 414-352-3200 to discuss the program in detail to ensure you take full advantage of its benefits.