Saving for college with Future Scholar also gives families ways to save on taxes, now and in the future. S.C. Treasurer Curtis Loftis explains how the state’s 529 plan can work for you.
“We call it the smart and easy plan for a reason,” says Treasurer Loftis, who explains there are three ways Future Scholar helps you save on taxes:
1. Contributions are deductible from state income tax
2. Interest earned on your account is tax free.
3. Withdrawals for qualified expenses are tax free.
South Carolina’s 529 plan is also designed to make saving easy for busy families:
– Anyone can open an account with any amount.
– Deposits can be automated.
– It takes less than an hour to set up a Future Scholar account online.
Future Scholar is flexible, too, so that it can change with your family’s needs:
– Savings can pay for study at universities, two- and four-year colleges, technical schools and other accredited higher education programs across the U.S. and around the world.
– Future Scholar funds can pay for more than tuition, covering room and board, school supplies, computers, and other college-related expenses.
– You can use Future Scholar savings to pay for K-12 private school tuition and get the same tax benefits.
Need a gift idea? Future Scholar is a smart and easy gift, too. Relatives and friends can make deposits to a Future Scholar account:
– Contributions to a child’s Future Scholar account make great gifts for baby showers, birthdays, special occasions and holidays.
– Future Scholar provides gift cards designed for a variety of occasions.
– Gifts can be set up online and are tax deductible for the giver: https://bit.ly/2T4xboF
Money magazine, Forbes, and The Wall Street Journal rank South Carolina’s 529 plan as one of the best in the country.
Future Scholar is administered by the South Carolina State Treasurer’s Office. For more information, visit our website: https://futurescholar.com/