Winter Notes
Just like the holiday season, our program is in full swing! Our last blog entry mentioned Rex and Tony’s 10-Stop Tour, and we now have photos posted from their stops to date. You can check out all of the fun they’ve been having around the state by taking a look at their Web page here. Rex and Tony will return to Chicago on December 15 and look forward to meeting lots of new friends!
We would also like to remind everyone of the tax benefits that purchasing a contract brings at this time of the year. College Illinois! plan earnings are always 100% exempt from state and federal taxes. Of particular note as the end of the year approaches, this is a reminder that new contracts purchased or contributions made to an existing plan before December 31 can be claimed on your 2007 state tax returns. Illinois taxpayers can deduct up to $10,000 per individual or $20,000 for married couples filing jointly. Finally, should you purchase a plan as a holiday gift for your child or grandchild, there is a gift-giving tax exemption up to $60,000 per person.
As you can see, there are plenty of reasons to get involved with our program before the calendar switches to 2008.
We would also like to remind everyone of the tax benefits that purchasing a contract brings at this time of the year. College Illinois! plan earnings are always 100% exempt from state and federal taxes. Of particular note as the end of the year approaches, this is a reminder that new contracts purchased or contributions made to an existing plan before December 31 can be claimed on your 2007 state tax returns. Illinois taxpayers can deduct up to $10,000 per individual or $20,000 for married couples filing jointly. Finally, should you purchase a plan as a holiday gift for your child or grandchild, there is a gift-giving tax exemption up to $60,000 per person.
As you can see, there are plenty of reasons to get involved with our program before the calendar switches to 2008.
posted by College Illinois! at 2:59 PM
