Since the introduction of the READYSAVE 529 app in 2021, over 41,000 Ohio 529 families have downloaded this tool to quickly and securely access and review their higher education savings. There’s so much you can do on the READYSAVE 529 app to open or manage an Ohio 529 account.
Open an Ohio 529 account on the app
To start, download the READYSAVE 529 app from the Apple and Google Play app stores. Once you install the app, select Ohio 529 CollegeAdvantage from the list of participating 529 programs. If you already have an Ohio 529 account, you can then log in with the same username and password you use to access your Ohio 529 account online.
For those that utilize a smart phone or tablet to manage your account(s), the READYSAVE 529 app is ideal for these devices.
For families who want to save but don’t have a lot of time to sit down at a laptop to open an Ohio 529 account, you can enroll anytime, anywhere on the READYSAVE 529 app. Scroll to the bottom of the app screen and click on the “Start Enrollment” link to get started!
There’s also an optional step to select a successor owner while enrolling. A successor account owner is a person you designate who, in the event of your death or incapacitation, will become the new 529 owner. Having a successor owner can allow for an easy transfer of ownership of the 529 account and continuation of the saving strategy you established for your child or grandchild.
Contribute to your account
If you want to contribute to your Ohio 529 account, you can do it on the READYSAVE 529 app. You have the option to make a one-time contribution to your 529 account from your phone. Or you can set up recurring contributions for as little as $25. Through the app, you can also check your transaction history. As an Ohio resident, using the READYSAVE 529 app is an easy way to see your account balance.
As you contribute throughout the year, this feature shows how close you are to maximizing your Ohio state income tax deduction of $4,000 per year, per beneficiary. And if you have been able to contribute more than $4,000 to your Ohio 529 account, then you have unlimited carry forward, so you never lose out on your tax deduction
To better explain how you can use the unlimited carry forward of the Ohio state income tax deduction, let’s use two examples. An Ohio taxpayer contributes $4,000 to two 529 accounts for each of her two children, for a total of $8,000. She could deduct a total of $8,000 from her Ohio taxable income for the year. Or, if an Ohio taxpayer contributed $8,000 to a CollegeAdvantage Direct Plan Account for one child in one year, he could deduct $4,000 from his Ohio taxable income during the current year, as well as the next tax year.
Track your progress and manage your 529
There are many other actions you can take to manage your Ohio 529 account within the READYSAVE 529 app. As your family grows, you can add a new beneficiary by opening another 529 account. Just look at the top of the screen once you have logged in and click on the “Add Beneficiary” tab at the top. It will lead you to another screen to add the new beneficiary’s information.
While you’re on the go, check your Ohio 529 account balances and track out your progress while you save for your children’s and grandchildren’s college and career training savings progress with the app.
Additionally, investment options performance is available to review on the app, which is handy if your savings are in different portfolio and fund options.
Make a withdrawal on the app
The newest feature of the READYSAVE 529 app allows you to make an electronic 529 withdrawal to pay for your child’s qualified higher education expenses.
You must have your bank account already listed on your 529 account to send the withdrawal to the bank account. The other option when you make the withdrawal on the app is to have it sent directly to your child’s school. The institution of higher education must be able to receive electronic fund transfers, which would come from your Ohio 529 account.
Send out Ugift invitations
If your child is celebrating a birthday, a holiday, or another major celebration, you can use the READYSAVE 529 app to send out a Ugift code to your loved ones who would like to give the gift of a higher education to your child’s Ohio 529 account. And with Ugift, you don’t need to share the actual account number.
With the READYSAVE 529 app, you can send the Ugift invitation to your family and friends through text, email, Facebook Messenger, Facebook post, or Instagram Message. Once you provide the Ugift code, loved ones can visit Ugift529.com to make their electronic contribution securely from their bank account.
Since 1989, Ohio 529 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 or vocational school, apprenticeship approved by the U.S. Labor Department, and certificate or credential program nationwide that accepts federal financial aid. Learn, plan, and start for as little as $25 today at CollegeAdvantage.
