Grandfather, grandson, and son make faces at the camera while eating

You had a plan to save on your 2024 holiday shopping this year. You took advantage of the Black Friday deals, supported your neighborhood shops on Small Business Saturday, and searched the internet for the best steals on Cyber Monday.

Which brings us to Giving Tuesday, the start of the charity giving season which lasts through all the holiday celebrations. Giving Tuesday emphasizes meaningful offerings of your time, talents, and financial support, for the benefit of others.

So why not consider taking all those shopping savings and make a 529 contribution to your loved ones’ education savings account with Ohio 529, CollegeAdvantage? Giving to their Ohio 529 account — or starting one — is truly a gift that has value and long-term significance. And it is one gift that your loved one can never outgrow.

What is Ohio 529?

Ohio 529 is a savings account for college and career training that grows with multiple tax benefits, beginning with tax-free earnings. This means all investment growth is yours to use for education after high school. Withdrawals from a 529 plan that pay for qualified higher education expenses are also tax-free.

Since 1989, Ohio 529 has provided families in Ohio and across the nation flexible options and educational resources to invest for education after high school.

Funds saved with Ohio 529 can be used tax-free for all types of qualified higher education institutions nationwide, including a four-year college or university, community college, technical or trade school, a certificate program or apprenticeship. If the institution accepts federal financial aid, you can use you Ohio 529 account there. For apprenticeships, the program must be registered with the Secretary of Labor’s National Apprenticeships Act. Check the U.S. Labor Department’s search tool to confirm that a program is registered, and therefore, eligible for a 529 withdrawal.

The uses for 529 funds are incredibly flexible. They may be used to pay qualified higher education expenses that are required to attend an institution. The costs include tuition, fees, room and board, books, computers, class supplies, certain apprenticeship costs, mandatory fees, and more. Families can even use up to $10,000 for student loan repayment for the beneficiary of the 529 account. You can also use your 529 plan to pay K-12 tuition up to $10,000 per student, per year, for enrollment at public, private, or religious elementary or secondary school. And, as of January 1, 2024 you can now rollover 529 funds to a Roth IRA, provided certain requirements are met.

There is no fee to open an Ohio 529 account. Contributions start as low as $25 and can be increased to any amount, at any time. You can set up an automatic monthly contribution to be deposited into the 529 account to grow your loved one’s college savings.

State tax deduction for Ohioans giving to Ohio’s 529 Plan

If you, or any gift giver, are an Ohio resident, then you could both be eligible to deduct up to $4,000 of your Ohio 529 contributions per beneficiary, per year, from your state taxable income. That said, you can contribute even more! Contributions over $4,000 per beneficiary, per year, can be carried forward to future tax years until you have deducted all your contributions from your state taxable income. To have your contributions included for the 2024 State of Ohio income tax deduction, contributions must be received in good order by CollegeAdvantage before 4 p.m. EST Tuesday, Dec. 31.

Saving made easy with READYSAVE 529

The READYSAVE 529 app gives you quick and simple access to your account to check account information, track account growth, and make both one-time and recurring contributions for as little as $25 from the bank account on file via your cell phone. You can download the READYSAVE 529 app now from the Apple and Google Play app stores. Once you install the app, select Ohio 529 from the list and log in with the same username and password you use to access your account online.

Others can give to your Ohio 529 account

If you already have a CollegeAdvantage Direct Plan account, you can provide other family members an Ugift code for your child’s account. This code permits others to make online gift contributions to your CollegeAdvantage Direct 529 Plan without needing the 529 account number. With the READYSAVE 529 app, you can send an invitation via email or social media to your family and friends to contribute to your child’s education after high school with Ugift — just in time for the holidays and end-of-year giving.

If a loved one who is an Ohio resident wants to give a gift of higher education to your Ohio 529 account through Ugift, their contribution must be received in good order before 4 p.m. EST Thursday, Dec. 19, to include in their 2024 State of Ohio income tax deduction.

To learn more about gifting options with Ohio 529 and order holiday and special occasion greeting cards, visit 529 Gift Central.

Since 1989, Ohio 529, CollegeAdvantage, has been helping families across the nation save for their children’s education after high school. Ohio 529 covers qualified costs at any four-year college or university, two-year community college, trade, technical, or vocational school, apprenticeship approved by the U.S. Labor Department, or certificate program nationwide that accepts federal financial aid. Start, add, or give a gift with as little as $25 at CollegeAdvantage.

This article was originally posted in November 2020 and has been updated to reflect current information for 2024.

Back To Top

Notice

Closing the playlist now will erase progress completed.

Lightbulb icon

529 Short Course: New Parents

5 things every new parent needs to know about saving for education

  1. Why Ohio 529?
    529s are specifically created for higher education savings. Unlike a traditional banking account, a 529 account benefits from tax-free earnings and tax-free withdrawals. For Ohio residents, there is also a state income tax deduction for those contributions.
  2. It’s simple to start.
    You can open your 529 account online in minutes with as little as $25. With ready-made portfolio options, you don’t have to be a financial expert to feel confident in your savings plan choices.
  3. Set it and forget it with automatic deposits.
    The sooner you start saving, the longer your account benefits from the Ohio 529 tax advantages as well as compound interest. Many new parents take their 529 contributions off their to-do list by setting up small automatic deposits from either their banking accounts or paycheck. Also, with our ReadySave 529 app, it’s also easy to track and adjust your account right on your mobile device.
  4. Save for college, career training, and more.
    Ohio 529 can be used at over 30,000 schools of all kinds, nationwide, including universities; community colleges; trade, technical, and vocational schools; certificate programs; and apprenticeships. Your Ohio 529 account can also pay for K-12 tuition at a public, private, or religious school. And, if it’s not needed for educational expenses, you can now roll over your 529 to a Roth IRA.
  5. Others can help.
    It’s easy for family and friends to contribute to your child’s account and receive tax benefits for themselves. You can share your account’s unique Ugift number with others to contribute online without creating their own 529 accounts. Those who live in Ohio will also receive a state income tax deduction for their contributions. Also, you can sign up to have reminder emails sent to you and loved ones for the big milestones in your child’s life.

Hoping to find gold at the end of the rainbow? If you are saving with Ohio 529 CollegeAdvantage, you have the benefit of Ugift with your account, which is savings gold.

Ugift makes it easy for others to give to your Ohio 529 account. With Ugift, you generate a unique code which allows loved ones to contribute to your Ohio 529 savings plan without needing the actual account number. Once they have the Ugift code, your friends and family can visit Ugift529.com to make their online gifts directly to your 529.

When friends and family ask for gift ideas, share that you are saving for your child’s future education with Ohio 529. Then invite them to join in with gift contributions to your Ohio 529 account with Ugift. After all, a gift for your child’s education will truly last a lifetime.

The quickest and easiest way to pass along your child’s Ugift code is with the ReadySave 529 app, which you can access as an Ohio 529 CollegeAdvantage account owner. At the bottom of every page is an Ugift icon. Click on the gift symbol to view your Ugift code which you can send immediately as an invitation via texts, emails, and Facebook/Instagram chats from your phone.

Or log into your account online to view your child’s Ugift code to send to family and friends who would like to give the gift of education.

The Ugift code doesn’t expire. Which means whenever there is an occasion to celebrate­ like baby showers, holidays, birthdays, graduations, and special achievements, your family and friends can give to your Ohio 529 account. And they can choose to contribute as much as they want whenever they want. It can be a one-time gift or recurring gift; all they need is that Ugift code. Your loved ones’ contributions - whether big or small – will add up over the years. Added to the power of compound interest, these gifts will power your 529 savings to cover even more college and career training costs.

An added bonus for gift givers who live in Ohio: They are also eligible to receive a state income tax deduction for their Ohio 529 gift contributions, up to $4,000 per year, per beneficiary.

To learn more about all of the gifting options with Ohio 529 and order cards for special occasions, visit  529 Gift Central.

  • 1 Thumbnail image for WATCH: Understand the cost of delaying
  • 2 Thumbnail image for WATCH: Compare the two most common ways to save
  • 3 Thumbnail image for READ: The 5 things every new parent needs to know about saving for education
  • 4 Thumbnail image for WATCH: Wondering about flexibility?
  • 5 Thumbnail image for WATCH: Here's help figuring out how much to save.
  • 6 Thumbnail image for READ: Why a Ugift code is savings gold
  • 7 Thumbnail image for WATCH:  Concerned about annoying fees?
  • 8 Thumbnail image for WATCH: The simplest, most popular way to invest
  • 9 Thumbnail image for WATCH: Complete portfolios with predefined risk levels