YOU’VE HEARD THE PHRASE, “NOT ALL HEROESWEARCAPES.” Well, the NEST 529 College Savings Plan team thinks it’s true, especially when it comes to helping people set their loved ones up for the future while receiving a nice tax deduction. Contributions made in 2022 by NEST 529 account owners are eligible for a Nebraska state income tax deduction up to $10,000 ($5,000 if married filing separately).1 That means they have more money to celebrate—or save for—their loved one’s future. Here are three great reasons to remind your clients to contribute to their NEST 529 account before December 31, 2022: 1) Rising Cost of College The price of higher education looks much different than it did 20 years ago. Tuition and fees, amere fraction of an individual’s total college bill, continue to increase. Scholarships and grants may help cover items like textbooks, but many do not cover living expenses. ACHIEVE SUPERHERO STATUS BEFORE TAX SEASON The College Board is a national not-for-profit dedicated to helping future students prepare to attend college. Its annual report, “Trends in Higher Education Series: Trends in College Pricing and Student Aid 20212,” states the average published tuition and fees for fulltime undergraduate students were: Public two-year college: $3,800 Public four-year in-state college: $10,740 Public four-year out-of-state college: $27,560 Combine the sticker price of tuition and fees with room and board, books, supplies, transportation, and other student expenses, and the costs climb further. Public two-year college: $18,830 Public four-year in-state college: $27,330 Public four-year out-of-state college: $44,150 While postsecondary school is expensive, studies show the more education an individual receives, the more opportunities A MESSAGE FROM THE NEBRASKA STATE TREASURER I S S U E 5 , 2 0 2 2 14 nebraska cpas
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