SMART529 State Tax Advantage

Mar 01 2016

This time of year income taxes are on everyone’s mind. And the big question is HOW CAN I GET MORE OUT OF MY TAX REFUND? Well, there is one way to boost your tax return-or reduce the amount you owe—that you may not know about.

When you save for a child’s FUTURE education through SMART529-West Virginia’s official college savings plan, it can put money back in your pocket NOW. Any contribution you make to SMART529 gives you a dollar for dollar reduction in your taxable income when it comes time to file your state taxes.

The state tax incentive is only available for people who live IN West Virginia. But this tax advantage isn’t just for parents! If you contribute to a SMART529 account for your grandchild, niece, nephew, even the kid next door…those contributions are not subject to West Virginia Income Tax.

It may be too late to boost your 2015 income tax return by saving with SMART529, but it pays to start saving NOW for that 2016 credit. The more you save, the more you benefit.

Learn more at SMART529.com.

Recent Posts
Don’t let your money fall through the cracks
3/24/2020 10:00 AM | WVTreasury
ABLE Celebrates Five Year Anniversary
12/19/2019 9:00 AM | WVTreasury
Giving back to school savings new meaning!
8/16/2019 1:06 PM | WVTreasury
Save Smart, Start Early!
6/6/2019 9:41 AM | WVTreasury
Meet the 2019 SMART5.29K Run/Walk Ambassador Family
3/19/2019 10:00 AM | West Virginia State Treasury
When I Grow Up contest kicks off 12th year
1/10/2019 4:00 PM | West Virginia State Treasury
Give the gift of an education
11/26/2018 1:04 PM | West Virginia State Treasury
Preparing for National Retirement Security Week
10/16/2018 10:00 AM | West Virginia State Treasury
Smart Start Awards enter 4th year
9/4/2018 10:00 AM | West Virginia State Treasury
A Unique Opportunity to Increase Financial Literacy
8/27/2018 10:00 AM | West Virginia State Treasury
The Treasury does not collect state taxes. Visit the The West Virginia State Tax Department for assistance.

West Virginia State Treasurer's Office
1900 Kanawha Boulevard
Capitol Complex Building #1, Room E-145
Charleston, West Virginia 25305
304-558-5000 Toll Free: 800-422-7498
Hours: 8am-5pm (ET)

Copyright 2021 by West Virginia State Treasury