FOX Providence - CollegeBoundfund ®, the tax-advantaged,section 529 college savings program developed by the State of RhodeIsland and managed by AllianceBernsteinL.P., one of the world's premier investment firms. You've madethe first step toward saving for higher education the smart andeasy way!
As you know, post-secondary education is essential in today'seconomy. Whether your child wants to be a doctor, an automotivetechnician or a banker, higher education is critical to competingin the marketplace. But, helping a child attain a degree is one ofthe most costly expenses a family can bear.
With college costs increasing, families often resort to loansand credit cards to fund their children's education-payment methodsthat unfortunately may leave families deep in debt for years tocome. The best answer is to start saving early.
CollegeBoundfund is a powerful way to save for college. Withbenefits such as tax-free earnings growth and no income limits,CollegeBoundfund can be used at accredited colleges, universities,and vocational and trade schools across the nation. It offers asimple way to save and invest for your child's college education.And the Matching Grant program provides eligible participants witheither one dollar or two dollars for each dollar invested, up to anadditional $500 or $1,000 each year. It makes a great savingsprogram even better. *The availability of such tax or otherbenefits may be conditioned on meeting certain requirements.
Vists CollegeBoundfund's website , andyou’ll discover why CollegeBoundfund is a great vehicle foryou to tackle higher education costs. What's more, as a RhodeIsland taxpayer, you can qualify to receive a state income taxdeduction for contributions made to CollegeBoundfund of up to$1,000 for married couples filing jointly and $500 for individualfilers. **And contributions in excess of the annual limit can becarried forward to future years.
Remember, it's never too late to start saving for your child'sfuture!
With best wishes,
*Matching grants are subject to availability of funds. If youqualify for this Program, a separate CollegeBoundfund MatchingGrant Program Account will be opened by the Rhode Island HigherEducation Assistance Authority (RIHEAA) naming your child asBeneficiary. RIHEAA is the Participant of the Account and theAccount funds are maintained by RIHEAA for the Beneficiary. Formore information about these Accounts, their qualificationrequirements and their investment selection, please see theCollegeBoundfund Matching Grant Program Description or log on towww.riheaa.org.
**If a participant makes a non-qualified withdrawal or atransfer/rollover to another state's program within two years afterthe deduction is taken, the amount of the deduction is "recaptured"and will be included in the participant's Rhode Island income.Check with your tax advisor to see how 529 plans are treated forincome tax purposes.