By Amelia Fabiano | ABC 15
The State Treasurer's Office is holding a statewide art contest that will award 14 students $529 for their AZ529 Education Savings Plan.
The contest requires Arizona kindergarten through sixth-grade students to draw, paint, or find another creative way to make an art piece representing their dream job. Recent Stories from abc15.com "It's never too early, it's never too late to start saving for higher-education needs," said State Treasurer Kimberly Yee. "They can put on paper what they want to be when they grow up and this allows for them to think about what they want to be and how they want to get there."
The award money can go towards opening a new or existing AZ529 Education Savings Plan account.
The AZ529 Education Savings Plan is a tax-free approach to setting money aside for college, community college, vocational training, trade school, and other educational avenues for high school graduates.
Arizona residents can receive a dollar-for-dollar state tax deduction for contributions made to an AZ529 account each year, of up to $2,000 per beneficiary or $4,000 per beneficiary depending on filing status.
Funds earned over time will remain tax-free when used for a variety of covered educational expenses. Additionally, friends and family members may add to a child’s AZ529 Plan at any time and earn the same tax benefits for themselves.
New this year, if a student ends up not using all the money saved in an AZ529 account, or they decide not to pursue higher education, the money can be transferred to an IRA retirement fund.
Parents or guardians of the winners will be responsible for setting up an AZ529 account if an account does not already exist.
All entries must be submitted either online or through direct mail.
Entries must be received by March 5, 2023, at 11:59 p.m. (MST).
Winners will be honored by Treasurer Yee during a ceremony at the State Capitol at the end of March.
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