The Wisconsin 529 College Savings Program (CSP) offers two savings plans
to save for higher education under
Section 529 of the U.S. Internal Revenue Code:
(advisor-sold). Both plans are qualified tuition programs under 26 USC
529 and are administered by the State of Wisconsin’s Department of
Financial Institutions (DFI). For assistance with a current account, or to receive assistance with opening a new account, please contact Edvest 529 or Tomorrow's Scholar customer support directly.
- Edvest 529 Customer Support: (888) 338-3789
- Tomorrow's Scholar Customer Support: (866) 677-6933
Wisconsin College Savings Program Board
Wisconsin College Savings Program Board has administrative and
oversight authority for the Edvest 529 and Tomorrow's Scholar plans. Visit
Wisconsin College Savings Program Board page
for full roster, contact information, meeting agendas and minutes.
Tax Information for Wisconsin Account Owners
2023 Tax Year: Contributions made by any Wisconsin
adult resident can reduce their state-taxable income, dollar-for-dollar, up to
$3,860 per beneficiary, per year for married/joint filers ($1,930 for
married filing separate status and certain divorced parents of a beneficiary).
Carry Forward: Contributions in excess of the
maximum annual deduction may be carried-forward and applied in
subsequent tax years. The subtraction for married filing separately or
divorced parents is half the current year’s maximum annual deduction
amount. Numbers are subject to an inflation adjustment and rounding each
Rollovers: Rollovers from other states' 529
plans are accepted. The principal portion (or contributions portion) may
qualify for reducing your Wisconsin taxable income, including
carry-forward for subsequent years; the portion attributed to growth is
not eligible for a tax deduction on your Wisconsin income taxes. Amounts
that received a previous Wisconsin reductions are not eligible.
365-Day Rule: The 365-Day Rule effects the tax treatment on contributions when a withdrawal is made within a 365-day period. Two examples: (1) Pat opens an account with $2,000 in December 2022 and subtracts on their 2022 tax return. In August 2023, $1,000 is withdrawn for qualified college expenses. Since the $1,000 had not been in the account for 365 days, $1,000 is then added back as taxable income on their 2022 tax return. (2) Same situations as above, but the account was open with $1,000 in 2021, before the 2022 addition of $2,000. In this case, the withdrawal would be considered as taken from the older money outside of the 365-day window and is not reported as income on 2022 taxes. This method often follows 'first-in, first-out' accounting principles.
Maximum 529 Account Balance:
Schedule CS Tax Form:
Contributions and distributions (for qualified expenses and
non-qualified uses) are reported on the State of Wisconsin DOR Schedule
CS, and attached to Form 1, the state income tax return. The schedule
and instructions are at the
Wisconsin Department of Revenue website.
Wisconsin's maximum 529
plan account balance is $545,500 as the sum of all Wisconsin plan
accounts for the same beneficiary (i.e., Edvest 529 plus Tomorrow's Scholar
plus Tuition Units). This amount is effective as of January 2023.
Benefits of Wisconsin’s 529 College Savings Plans
Low-cost investment options: Choose from
portfolios that range from conservative to more aggressive allocations
to align with your time frame and investment objectives. Both passive
(indexed) and actively managed portfolios are available, along with
stable value choices. Institutional class investment fees make college
savings more affordable.
Flexible contribution amounts: Open an account
for as little as $25, plus consider recurring contributions in an
amount that fits your budget. You control the amounts and frequency of
automatic deductions or lump-sum payments. You can contribute via payroll direct deposit, via ACH from your bank account, or by check.
Most expenses and schools are eligible:
Funds can be used at any accredited
public or private university, college, technical college, community
college, or professional school nationwide and many abroad, as well as
toward the cost of apprenticeships registered and certified with the
Secretary of Labor under the National Apprenticeship Act. Additionally,
funds can be used for K-12 tuition (up to $10,000 per year, per student)
and to pay back student loans ($10,000 lifetime limit). Qualified higher education expenses include tuition, certain room and board expenses, fees, and the cost of books, supplies, and equipment required for the enrollment and attendance of the Beneficiary at an eligible educational institution. Computers and related technology such as internet access fees, software or printers are also qualified when used primarily by the beneficiary when enrolled at an eligible educational institution.
No age, income, or time limits: Any adult can
contribute to an account--there are no income level restrictions, or age
limitations for owners or beneficiaries (minimum age of 18 for account
owners). Accounts may also be used for graduate school, continuing
education, or classes later in life.
Federal and state tax advantages: Earnings in your account grow both federal and state tax-free when used for qualified higher education expenses.
View contribution, rollover, and distribution
FAQs for Wisconsin 529 College Savings Plans
on the Wisconsin Department of Revenue website.
Contact Us Wisconsin College Savings Program