ALABAMA – Do you have a child born between May 29, 2020, and May 29, 2021? Officials from Alabama’s 529 savings plan may help start or extend a fund for their college or trade school education.
Alabama State Treasurer John McMillian announced the seventh annual college savings giveaway, where 29 newborns statewide will receive $529 in contributions to a new or existing CollegeCounts account.
Starting Saturday, May 29 (5/29 Day), parents, grandparents, and legal guardians can visit the CollegeCounts giveaway website to register.
CollegeCounts has no minimum investment requirement, and the funds can be used at trade schools, along with one, two, and four-year colleges and universities in Alabama and nationwide for qualified expenses such as:
- Room and Board (if enrolled at least half time)
- Equipment, including computers
Special federal tax benefits are provided to families contributing to a 529 savings plan. In Alabama, taxpayers may be eligible for a tax deduction up to $5,000 for single filers and up to $10,000 for married couples filing jointly on their state return.
All entries must be submitted by July 16 and selected winners will need to provide either a birth certificate or birth announcement to prove their child’s date of birth and receive the $529 prize money.
To open a CollegeCounts account, visit the CollegeCounts website.