Employee Benefits
EdVest
EdVest is Wisconsin's state-sponsored "Section 529" college savings program. The Wisconsin College Savings Program Board and the Wisconsin State Treasurer oversee the program. Wells Fargo administers EdVest, but there are a number of investment options.
Here are just a few of the features:
- There are no income limits
- Open an account on behalf of a designated beneficiary.
- Start building your account with an automatic investment plan of just $15 per month.
- An initial investment of $250 is required to open an account, but this is waived if you begin an automatic investment plan.
- There is no annual maximum contribution for EdVest, although there may be gift tax considerations for contributions over $12,000 ($60,000 if prorated over five years).
- As a parent, you may annually deduct up to $3,000 in contributions per dependent from Wisconsin taxable income. This deduction is also available for aunts and uncles, grandparents, and great-grandparents.
- Investment earnings are exempt from federal and state tax.
- Qualified withdrawals are free from federal and potentially also from state income tax. (Wisconsin residents pay no tax on qualified withdrawals. Residents from other states may also pay no tax depending on the tax law of the state in which they reside.)
- Qualified expenses include tuition, fees, books, and room and board.
- Accounts can be used at most public and private schools nationwide (and even some abroad), including two- and four-year colleges, technical, vocational, and graduate schools.
- Contribute up to $246,000 for a single beneficiary.
- The $20 account maintenance fee is waived for Wisconsin residents.
If you have questions or would like more information, contact EdVest 24 hours a day, 7 days a week at 1-888-EdVest-WI (1-888-338-3789) or through an e-mail on the EdVest contact page.
This document was last revised on November 26, 2007
