Contributions To College Savings Accounts

If you make contributions to a college savings account by December 31, you can take a deduction on your tax return for that year.

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.

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.

Page last updated December 9, 2013