With the holiday season here and the end of the year quickly approaching, Kansas State Treasurer Ron Estes today reminded Kansans that now is the perfect time for families to spread the joy of higher education while benefiting from estate planning and tax benefits.

“Investing in a Learning Quest 529 education savings account before year end is a great way for loved ones to give the long lasting gift of education while also trimming their end-of-year tax bill,” said Kansas State Treasurer Ron Estes.

Learning Quest 529 accounts are designed to help families invest for the expenses of a higher education and can be used for tuition, room-and-board expenses, fees, books, supplies and equipment and other qualified higher-education expenses at any accredited college or university in the country (along with some foreign institutions). This includes traditional four-year universities, community colleges and technical programs.

And there are several tax advantages associated with 529 accounts that families can still include in their year-end tax planning strategy:

• Up to $14,000 ($28,000 if married and filing jointly) in a single year can be contributed to accounts without incurring a gift tax. Alternatively, account owners can choose to make an accelerated gift, which allows up to five years’ worth of gifts ($70,000 if single/$140,000 if married and filing jointly) to a Learning Quest account in a single year.
• Contributions made by Kansans to new or existing Learning Quest accounts before Dec. 31st are eligible for a 2015 state income tax deduction of up to $3,000 per child or $6,000 if married and filing jointly.
•  Earnings grow tax-free, and qualified withdrawals used for higher education expenses are exempt from federal and state income tax.

“Opening a new Learning Quest 529 account is simple — all it takes is about 15 minutes online and $25 to get started,” explained Estes. “And to best accommodate each family’s needs, our program offers a wide variety of investment plans to choose from including age-based and static options that can be customized to best suit their risk tolerance and time horizon.”

The program, administered by the Kansas State Treasurer’s Office, offers the Learning Quest 529 Education Savings Program, available directly from American Century Investments; Learning Quest Advisor, sold through financial advisors; and the Schwab 529 College Savings Plan, available through Charles Schwab & Co., Inc. and managed by American Century Investment Management, Inc.

General information about Learning Quest is available by calling 1-877-345-8837 ext. 2181 or by visiting www.LearningQuest.com. For information about the Schwab 529 College Savings Plan, please call Schwab at 1-888-903-3863 or go to www.Schwab.com/529.