Wisconsin 529 Plans

Wisconsin offers two 529 college savings plans, one direct and advisor-sold plan called EdVest College Savings Plan, and one advisor-sold tuition plan called Tomorrow’s Scholar College Savings Plan.

EdVest College Savings Plan

EdVest is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.

Type:  Direct and Advisor.  This 529 plan can be purchased directly or through a financial advisor. 

Fund Family:  Various

Minimums:  To get started you can deposit $250 or $15 with an automatic monthly or a payroll deduction plan. Minimum subsequent contributions are $15 with the automatic monthly plan.

Maximum Contributions:  Currently, you can contribute up to $330,000 to your Wisconsin 529 plan.  Of course, your total amount in the plan can be higher as your investments group.  529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits:  Good news for Wisconsin residents – by investing in your state’s 529 college savings plan, you can deduct up to $3,000 of your adjusted gross income. You also get federal income tax benefits as you do not pay income tax on your earnings.  Out-of-state participants still get the federal tax benefits.

Other Benefits: The SAGE Scholars Tuition Rewards Program allows EdVest account owners to receive discounts off undergraduate school tuition at participating private colleges and universities throughout the country.

Residency: EdVest is open to all United States residents, not just those in Wisconsin.

You can learn more about this Wisconsin 529 plan at the official website http://www.wellsfargoadvantagefunds.com/wfweb/wf/ev/index.jsp.

Tomorrow’s Scholar College Savings Plan

Tomorrow’s Scholar College Savings Plan is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.

Type:  Advisor.  Please contact a financial advisor in your state for assistance.

Fund Family:  Multiple Managers and Wells Fargo Funds Management, LLC

Minimums:  To get started you can deposit $250 or $25 with an automatic monthly or a payroll deduction plan. Minimum subsequent contributions are $25 with the automatic monthly plan.

Maximum Contributions:  Currently, you can contribute up to $330,000 to your Wisconsin 529 plan.  Of course, your total amount in the plan can be higher as your investments group.  529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits:  By investing in your state’s 529 college savings plan, you can deduct up to $3,000 of your adjusted gross income. You also get federal income tax benefits as you do not pay income tax on your earnings.  Out-of-state participants still get the federal tax benefits.

Other Benefits: The SAGE Scholars Tuition Rewards Program allows Tomorrow’s Scholar account owners to receive discounts off undergraduate school tuition at participating private colleges and universities throughout the country.

Residency:  Tomorrow’s Scholar is open to all United States residents, not just those in Wisconsin.

You can learn more about this Wisconsin 529 plan at the official website.