Bookmark this page on your mobile

QR Code image

What is this?

Daily Court Reporter - News New year, new savings resolutions


New year, new savings resolutions

Are you wondering what your little baby will be as he or she grows up?

Will they go away to a big school or stay close to home at a small college?

Maybe they’ll want to go to one of those coding schools. Or a tech school where they build jet engines. Yeah … jet engines.

No matter what, no matter where, Ohio’s tax-free 529 college savings plan is a simple way to save for any higher education goal and it’s accepted nationwide.

So if one of your New Year’s Resolutions is to start saving to your child’s future higher education, 2019 is the perfect year to start an Ohio 529 college savings account. And it’s simple to do.

Why Save In A 529 Plan?

529 plans are specialized higher education or college savings accounts. 529 plans can be used at an federally accredited higher education institution — from two-year, four-year, graduate, trade or vocational schools. Another advantage is that 529 plans are accepted nationwide. Therefore, if you save with Ohio’s 529 Plan, your child can you use your Ohio 529 for any type of degree, at any accredited college, university or other program in the country.

There are tax benefits for saving for college with Ohio’s 529 Plan, such as tax-free earnings and tax-free withdrawals for qualified higher education expenses. In addition, Ohio residents are eligible to deduct up to $4,000 of their 529 plan contributions per beneficiary, per year, from their state of Ohio taxable income. However, they can contribute even more! Contributions over $4,000 per beneficiary, per year, can be carried forward to deduct from future tax years, until all of their contributions are fully subtracted from their state taxable income.

How To Open An Ohio 529 Plan

Opening an Ohio 529 Plan is simple and easy to do. Start by visiting and click on the tab that says, “New To CollegeAdvantage.” Select “What’s A 529,” and start reading the information on the next few pages to have a better understanding how a 529 plan works and why it’s the best choice in which to place your college savings. The last page is titled, “Before Opening An Account,” shares what information you’ll need to have on hand to open an account. After that, at the top on the web page, there’s a “Open An Account” hyperlink. Select it and you can start saving for your child’s future higher education!

Already Saving In An Ohio 529 Account?

Is your New Year’s Resolution is to step up your college savings goals? Here are some ideas to try.

Review your 529 account. Are you putting enough funds aside to cover what you’d like of your child’s college costs? If you want to check the numbers, use our College Savings Planner to receive personalized saving information. You can vary your college savings goals to receive an estimated monthly amount needed to meet that savings objective. Please note that these examples are for illustrative purposes only.

See if you need to change your savings strategy. As you child reaches a new life stage, you may want to update your strategy to reach your college savings goals.

Check your account balance and track the investment performances. If you would like to make a substitution to your 529 savings portfolio, you can make an exchange of an asset from one investment option to another investment option, twice in a calendar year for the same beneficiary.

Simplify your savings by setting up automatic deposits into your Ohio 529 account. You can set up contributions to match your paycheck deposits or create your own monthly schedule. Some employers offer payroll deduction, where a portion of your pay is directly deposited into your 529 account.

Convert your disappearing expenses into regular 529 contributions. Disappearing expenses are those costs in your family’s budget for only a limited time span. For example, preschool and daycare are large disappearing expenses once a child starts kindergarten. Once your family no longer need those services, deposit those funds into your 529 plan. You won’t miss the money while you continue to support your child’s educational needs.

Add your federal tax returns, pay raises, or bonuses to your 529 account. The average federal tax return nationally for 2017 was $2,763. Saving this amount each year to a 529 plan could cover over 40%. Saving $4,000 each year could cover as much as 60% of college at an Ohio public university, based on 18 years to save.

Invite other family members and friends to contribute to your child’s 529 plan with Ugift rather than giving toys or clothes. You can assure them that giving the gift of a higher education is much more meaningful and beneficial for your child’s long-term success.

Shop with Upromise, a free loyalty program that offers its members cash back for their purchases from a wide variety of businesses. When you connect your debit and/or credit card to your Upromise account, you can start earning rewards with your everyday shopping. Then link your Upromise account to your CollegeAdvantage Direct 529 Plan account to roll over these rebates.

Every dollar contributed to a 529 will grow tax-free and can be withdrawn tax-free so keep moving forward to reach your college savings goal.

No matter what, no matter where, Ohio’s tax-free 529 college savings plan is a simple way to save for any higher education goal and it’s accepted nationwide. A happier new year starts at

About the Ohio Tuition Trust

Established in 1989, the Ohio Tuition Trust Authority is a state agency within the Ohio Department of Higher Education. The Ohio Tuition Trust Authority sponsors and administers CollegeAdvantage, Ohio's 529 college savings program.

Ohio’s CollegeAdvantage program provides families across the nation flexible options and educational resources to invest in our trusted tax-advantaged 529 plans for education expenses after high school.

An 11-member board oversees the investments of the Ohio Tuition Trust Authority. The Governor of the State of Ohio appoints six members, with the advice and consent of the senate, who have significant experience in finance, accounting, or investment management.

The Speaker of the House of Representatives of the State of Ohio and the President of the Senate of the State of Ohio each appoint one member of the respective legislative body from each political party.

The Chancellor of the Ohio Department of Higher Education also serves as an ex-officio, voting member of the board.

Date Published: January 21, 2019


Ohio Tuition Trust Authority


Attorney who neglected immigration matter suspended

The Ohio Supreme Court recently suspended a Cleveland attorney for two years, with 18 months stayed, for neglecting the immigration matter of a Bulgarian ballroom dancer, then lying about his legal misconduct.

Woman indicted for robbing the same store on consecutive days

A Maple Heights woman was indicted for robbing the same store on Chagrin Boulevard in Woodmere on consecutive days.

State to invest nearly $10 million to help protect Lake Erie

The Ohio Department of Natural Resources (ODNR) and the Ohio Environmental Protection Agency (EPA) recently received approval from the State Controlling Board to begin funding nearly $10 million in projects aimed toward helping to keep dredged material out of Lake Erie. These projects are part of Ohio’s “Healthy Lake Erie Fund” efforts and will be managed by local officials and sponsors from Toledo, Lorain and Conneaut, the communities where these monies are being invested. These projects represent a portion of Ohio’s dredged material management program developed jointly by the Ohio EPA, ODNR and the U.S. Army Corps of Engineers with input from local stakeholders.

Honda sedan sales sink as SUV sales remain hot

While some of Honda's sedan models built at the Marysville Ohio Auto Plant had strong sales in December, all models suffered sales losses domestically on annual basis last year.

Board must reconsider change to wind farm construction plan

Altering a wind farm’s construction timeline is an “amendment,” and a proposal for a 91-turbine farm must return to state regulators for an extension, potentially subjecting the facility to stricter state rules, the Ohio Supreme Court ruled recently.

Job hopping can have impact on retirement

Employers are seeing more new hires rotate out of a position sooner, according to one Columbus firm.

Best retirement location? Try the Mount Rushmore State

No state income tax and easy access to health care are a couple of the reasons South Dakota takes top honors when it comes to states where retirees wanting to make the most of their retirement dollar.

In civil settlements with the United States, Fiat Chrysler will resolve allegations of cheating on federal and state vehicle emission tests

Fiat Chrysler will recall and repair vehicles, pay civil penalties, implement corporate governance reforms, and fully mitigate excess pollution. total value of settlements will exceed $500 million

How will trended credit data help my credit scores?

(BPT) Ever since the dawn of credit reporting, the information has looked relatively the same. Your lenders reported information to one, two or all three of the national credit reporting companies (CRCs) based on your most recent loan payment activities and balances.

Survey finds more people moving into Ohio

Ohio ranked as the 15th best growth state last year, up from its previous ranking of 34th, according to U-Haul's data analysis of U.S. migration trends for 2018.

Two Toledo men charged in federal court for stealing dozens of guns in firearms store burglary

Two Toledo men were charged in federal court after allegedly stealing dozens of guns from a firearms store in Oregon, Ohio.

A growing list: 2019 threats to first amendment freedoms

First Amendment threats and defenses have, for much of the past 100 years, largely focused on protecting individual speech — the rights of any one of us to express ourselves without interference or punishment by the government.

Flu activity increasing in Ohio; still time to get a flu shot

Geographic spread of flu activity elevated to “widespread,” highest level

Report: Ohio ranked 40th for health

Grappling with challenges from the high prevalence of smoking, low immunization coverage among children and high levels of air pollution, Ohio is ranked the 40th healthiest state, according to the United Health Foundation's American Health Rankings 2018 report, which was released last month.

Retirement planning: How 'life' gets in the way and how to overcome the obstacles

(BPT) If you're like many Americans, retirement planning may not be high on your "to-do" list. When life is busy and you're shouldering the burden of looking out for yourself and your family, setting up a retirement plan can slide down the priority list - especially if you're hoping it will somehow be easier in a year, two or more.

OSU study: Your face has 17 different ways to express happiness

The human face employs more than a dozen ways to demonstrate happiness, according to an Ohio State University-led study.

Wright State plans normal hours of operation, following faculty union issuing Jan 22 strike notice

Wright State University will maintain its normal operating hours following a strike notice filed today by the union representing nearly 560 of the university’s more than 1,700 faculty members. The notification indicates the strike may begin on Tuesday, January 22 at 8 a.m.

Toledo couple indicted for conspiracy to use explosives and firearms to kill and injure others

A Toledo couple was indicted in federal court for their roles in a conspiracy to use explosives and firearms to kill and injure others.

Attorney General DeWine announces $12 million in debt relief for Ohioans in multistate settlement with for-profit college

Ohio Attorney General Mike DeWine recently announced a multistate settlement with Career Education Corporation, a for-profit college provider that operated several schools, including Sanford-Brown, Le Cordon Bleu, and International Academy of Design & Technology.

Study finds Ohio among states least impacted by shutdown

While it's unclear when the federal government's partial shutdown will end, Ohio is among the least affected, according to a new study.