Deadline approaching for education savings tax break

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The Kansas State Treasurer’s Office is reminding you to consider opening or contributing to a LearningQuest 529 Education Savings account before the end of the year. 

Making contributions to this account allows you to claim a deduction of up to $3,000 ($6000 for married filing jointly) per beneficiary on yout Kansas taxable income. Contributions must be postmarked by December 31, 2019.

 Kansas’ LearningQuest plans are ranked well among other plans, and the money can be used for K-12 tuition and for all qualified expenses at post-secondary schools.

 “Opening a LearningQuest 529 Savings account before the end of the year is a very wise use of your dollars. It is an excellent way to plan ahead for a child’s future, and involve the entire family in helping your child reach their educational goals. I encourage all Kansans to make it a priority to utilize this wonderful savings tool,” said Kansas State Treasurer Jake LaTurner.

Kansas also offers the K.I.D.S. Matching Grant Program to aid families living in Kansas who want to save for their children’s education. This is open to families that have an income less than 200% of the federal poverty level.  Families meeting certain income requirements are eligible to receive matching contributions up to $600.

Details on these programs can be found at the link below.

Kansas 529 Education Savings

 



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