|By Marketwired .||
|June 24, 2014 11:00 AM EDT||
SACRAMENTO, CA -- (Marketwired) -- 06/24/14 -- ScholarShare, California's 529 college savings plan, is teaming up with California Public Libraries to conduct a summer reading program that gives participants a chance to win $500 in the "Fizz, Boom, Save for College!" sweepstakes. The prize will go toward a new or existing ScholarShare college savings account.
To enter the "Fizz, Boom, Save for College!" promotion, sponsored by ScholarShare, complete the entry form available at a participating library or on ScholarShare's website by Aug. 4, 2014. Those eligible are California residents at least 18 years old, and the parent or legal guardian of a California student up to 8th grade during the 2014-2015 school year who is participating in a public library summer reading program in California. One winner will be randomly selected from each of the California's 40 senate districts. An eligible person can enter just once for each child.
ScholarShare, named one of the nine best 529 plans in the nation by Morningstar, a prominent ratings agency, is making it easier than ever for family and friends to contribute. And, through ScholarShare's "Give a Gift" option, anyone can open a new 529 plan account as a gift or make a contribution to an existing account. College savings specialists are available to answer questions over the phone or in person.
ScholarShare offers a wide variety of low-cost investment options. It also provides valuable tax advantages. Any US citizen, or resident alien with a valid Social Security Number or Taxpayer Identification Number, can open a new account. Funds can be used at any eligible educational institution in the nation, and some abroad, for a variety of qualified higher education expenses, including mandatory fees, books, supplies, or even certain room and board costs.
About the ScholarShare 529 College Savings Plan:
ScholarShare accounts may be opened with as little as $25. ScholarShare has no annual account maintenance fee, no income limit and offers a high maximum account balance. Established in 1999, ScholarShare currently holds more than $5.96 billion in assets in more than 254,000 accounts as of 6/13/14. To sign up for an account or for more information, visit www.scholarshare.com. For information about the ScholarShare Investment Board (SIB), visit www.treasurer.ca.gov/scholarshare. Like ScholarShare on Facebook at www.facebook.com/scholarshare529 and follow us on Twitter at @ScholarShare529.
Named for the section of the IRS code under which they were created, 529 plans offer valuable tax advantages. Contributions are made with money that has already been taxed. Once funds are placed in the account, investment earnings, if any, are not federally or state taxed, if withdrawn to pay for qualified higher education costs.
Consider the investment objectives, risks, charges and expenses before investing in the ScholarShare 529 College Savings Plan. Please visit www.scholarshare.com for a Program Disclosure Booklet containing this and other information. Read it carefully.
Before investing in a 529 plan, you should consider whether the state you or your Beneficiary reside in or have taxable income in has a 529 plan that offers favorable state income tax or other benefits that are only available if you invest in that state's 529 plan.
The tax information contained herein is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding tax penalties. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor. Non-qualified withdrawals may be subject to federal and state taxes and the additional federal 10% tax. Non-qualified withdrawals may also be subject to an additional 2.5% California tax on earnings.
Investments in the Program are neither insured nor guaranteed and there is the risk of investment loss.
The ScholarShare 529 College Savings Plan Twitter and Facebook pages are managed by the state of California.
TIAA-CREF Tuition Financing, Inc., Plan Manager.