Take advantage of Indiana tax advantages based on contributions to CollegeChoice CD! Also, Hoosiers enjoy a high maximum contribution limit of $450,000 per beneficiary.
If you are an Indiana taxpayer (resident or non-resident), you are eligible for a State income tax credit for contributions to an account in CollegeChoice CD.1 The tax credit is available to an individual filing a single return or a married couple filing a joint return. The amount of the credit is the lesser of the following:
*If you are an Indiana taxpayer (resident or non-resident, individual or married), you may receive a 20% State tax credit against you adjusted gross income, up to a maximum of $1,000, for contributions to a CollegeChoice CD Account. Rollover contributions from another Qualified Tuition Program into a CollegeChoice CD Account does not count as contributions eligible for the tax credit. Contributions may be subject to recapture from the Account Owner (not the contributor) in certain circumstances, such as a rollover to another state’s qualified tuition program or a non-qualified withdrawal or distribution from an Account opened within twelve (12) months after the Account was opened. See Program Disclosure Statement for more detailed information.
NexBank, SSB and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.