The Nebraska State Treasurer's office is excited to announce the celebration of 5/29 Day on Saturday, May 29. To honor the NEST 529 College Savings Plan, the celebration will take place at Haymarket Park during the 7:05 p.m. Lincoln Saltdogs versus Sioux Falls Canaries baseball game. During the 7th inning, two lucky winners will be selected to receive $529 to contribute to a new or existing NEST account.
"5/29 Day is an opportunity to spotlight the importance of saving funds to help ease the financial impact of higher education costs," said John Murante, Nebraska State Treasurer. "Families will not only enjoy a game between the Lincoln Saltdogs and Sioux Falls Canaries, but fans will celebrate children and their dreams of what they want to be when they grow up."
"The Saltdogs are committed to helping children soar to their goals," said Charlie Meyer, President/General Manager for the Lincoln Saltdogs. "Whether a child’s dream is to hit a grand slam or find a cure for a disease, dreams are big and education is important to soaring to those goals. We are excited to support NEST 529 and the children that walk through our gates throughout the year."
A NEST 529 plan is a tax-advantaged account for higher education expenses. This plan allows families to start investing in their child’s future so they can soar toward their goals. In 2020, NEST 529 was awarded a Bronze Morningstar rating for its many benefits. Key features include:
Visit NEST529.com to learn more about the benefits of a NEST 529 college savings plan. The State Treasurer serves as the Program Trustee. All investments, including the portfolio structure offered through the NEST 529 program, are vetted and approved by the Nebraska Investment Council.
The Saltdogs opened the 2021 season on May 18, and the first game at Haymarket Park is scheduled for May 25. The promotional schedule can be seen at saltdogs.com/promotions, and stay tuned for more information regarding tickets for the upcoming year.
NEST 529 is a tax-advantaged 529 college savings plan and provides four plans to help make saving for college simple and affordable: NEST Direct College Savings Plan, NEST Advisor College Savings Plan, TD Ameritrade 529 College Savings Plan, and State Farm 529 Savings Plan. The Nebraska State Treasurer serves as Program Trustee. Union Bank & Trust serves as Program Manager, and all investments are approved by the Nebraska Investment Council. Families nationwide are saving for college using Nebraska’s 529 College Savings Plans, which have more than 285,000 accounts.
Visit NEST529.com and treasurer.nebraska.gov for more information.
Union Bank & Trust Company is a $5.7 Billion bank headquartered in Lincoln, Nebraska with 34 locations in Nebraska and Kansas. Founded in 1917 with nearly 50 years of family ownership has given Union Bank & Trust a consistent direction and long-term relationships with customers and employees. Voters have chosen Union Bank & Trust as Best Bank, Best Customer Service, and Best Work Environment in Lincoln for six years running.
An investor should consider the investment objectives, risks, and charges and expenses associated with municipal fund securities before investing. This and other important information is contained in the fund prospectuses and the NEST Direct College Savings Plan Program Disclosure Statement (issuer’s official statement), which should be read carefully before investing. You can lose money by investing in an Investment Option. Each of the Investment Options involves investment risks, which are described in the Program Disclosure Statement.
An investor should consider, before investing, whether the investor’s or beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s 529 plan. Investors should consult their tax advisor, attorney, and/or other advisor regarding their specific legal, investment, or tax situation.
Account owners are eligible to receive a Nebraska state income tax deduction of up to a maximum of $10,000 ($5,000 if married, filing separately) for contributions they make to their own NEST accounts. Contributions in excess of $10,000 cannot be carried over to a future year. For a minor-owned or UGMA/UTMA NEST account, the minor is considered the account owner for Nebraska state income tax deductions. The minor must file a Nebraska tax return for the year their contributions are made to be eligible for a tax deduction for their own contributions. In the case of a UGMA/UTMA NEST account, contributions by the parent/guardian listed as the Custodian on the UGMA/UTMA NEST account are also eligible for a Nebraska state tax deduction.
Withdrawals used to pay for a beneficiary’s qualified higher education expenses are exempt from federal and Nebraska state income tax. However, earnings on all other types of withdrawals are generally subject to federal and Nebraska state income taxes and an additional 10% federal tax. In addition, Nebraska state income tax deductions may be subject to recapture in certain circumstances, such as rollovers to another state’s 529 plan or to an ABLE program not issued by the State of Nebraska; cancellation of a participation agreement; and making a non-qualified withdrawal (including a withdrawal used to pay K-12 tuition, registered apprentice program expenses, or make qualified education loan repayments). Please consult your tax professional about your particular situation.