Law Change: Contributions To College Savings Accounts
NOTE: This Article Replaces the Article Dated March 9, 2011. See the prior article...
Wisconsin law provides a subtraction from income for up to $3,000 of the amount contributed to a college savings account (EdVest or "tomorrow's scholar") or tuition expense program.
Wisconsin law was amended by 2011 Act 32 to provide that the owner of a college savings account or tuition expense program may authorize another person to make contributions to the account.
Effective for taxable years beginning on or after January 1, 2011, the owner of the account or a person authorized to contribute to the account such as a parent, grandparent, great-grandparent, aunt, or uncle of the beneficiary is allowed the subtraction from income for up to $3,000 of the amount the person contributed to the college savings account or tuition expense program if the beneficiary of the account is the owner's or authorized person's child, grandchild, great-grandchild, niece, or nephew.
Last updated July 15, 2011