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Raleigh, N.C. (November 29th, 2007) - This year, North Carolina grandparents,
parents and friends can give a meaningful children's holiday gift that comes with a
state tax deduction, as well.
North Carolina's 529 college savings plan is an investment in a child's future and N.C. taxpayers
who contribute to the program are eligible for an annual tax deduction
Savings in North Carolina's 529 plan can be used for qualified education
expenses, such as tuition, fees, books, supplies, room and board. And the
funds can be used at in-state or out-of-state colleges, and at eligible
public or private institutions.
At CFNC.org, parents, grandparents and friends of future college students
can learn about the state's 529 plan, recognized for reasonable expenses, a state
tax deduction and tax-free earnings. For tax year 2007, N.C. taxpayers may deduct
contributions to the N.C. 529 program of up to $2,500 for an individual and $5,000
for a married couple filing jointly. There is no longer any income restriction
related to the deduction.
To take advantage of the 2007 tax deduction, your 529 contribution to North
Carolina's plan must be received and processed before the end of December.
To assure investment by year-end, make sure your contribution is in no later than
December 27, 2007.
Investment options in North Carolina's 529 plan range from conservative to aggressive,
and include age-based and individual investments. Three Vanguard Age-based Options
and the Seligman CollegeHorizonFunds are offered. Individual investment options
include the N.C. Treasurer Dependable Income Fund, MetLife Protected Stock Fund,
Wachovia/Evergreen Balanced Fund, NCM Capital Aggressive Stock Fund and seven Vanguard
Individual Investment Options.
More information and gift forms are available through College Foundation of North Carolina at
CFNC.org or by calling toll-free 1-800-600-3453. To learn about North Carolina's 529
savings program (North Carolina's National College Savings Program), its investment
objectives, risks and costs, read the complete program description available from
CFNC online or upon request.
About CFNC
College Foundation of North Carolina (CFNC), a free service of
the State of North Carolina provided by Pathways, College Foundation, Inc.
and the N.C. State Education Assistance Authority,
helps students plan, apply and pay for college.
The North Carolina State Education Assistance Authority
is the State agency that promotes access to higher education
by administering financial aid and savings programs, informing
students and families about paying for college, teaching
educators about financial aid administration, and advocating
for resources to support students.
Pathways is a state-based initiative including North
Carolina's Department of Public Instruction, the University of
North Carolina System, the North Carolina Community Colleges,
and the North Carolina Independent Colleges and Universities
working together to increase access to college for all North
Carolinians.
College Foundation, Inc., a nonprofit corporation
serving North Carolina students and families since 1955,
administers the tax-free "529" college savings program and a
portfolio of more than $3 billion, including low-interest
federal education loans, the state's college grant programs
and the tax-free "529" college savings program on behalf of the
N.C. State Education Assistance Authority.
CFNC offers its resources via telephone, toll-free at 1-866-866-CFNC
or on its website at CFNC.org.
CONTACT:
Ben Kittner
Market Research & PR Manager
College Foundation, Inc.
919-835-2336
bkittner@cfi.org
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