Nebraska State Treasurer Encourages Holiday Gifting with NEST 529 Contributions
(LINCOLN, Neb. November 19, 2024) – This holiday season, Nebraska State Treasurer Tom Briese reminds families to think beyond traditional gifts and contribute to a loved one’s NEST 529 Education Savings Plan. Contributing to a NEST 529 account offers the opportunity to invest in a child’s future educational success.
“As we approach the holiday season, many people are looking for meaningful gift ideas,” Briese said. “A NEST 529 contribution is a thoughtful and lasting investment in a child’s education that can have lifelong benefits, both for the student and the family.”
How to Gift
Account owners can invite friends and family members to contribute to a NEST 529 account. To get started, visit NEST529.com/Friends-Family-Gifting. When a contribution has been made, the gift-giver can order or print a NEST 529 holiday gift card for the recipient.
Maximize Tax Benefits Before Year-End
As 2024 comes to an end, account owners are encouraged to consider the tax advantages of
end-of-year contributions to their NEST 529 account. Nebraska account owners are eligible to receive a Nebraska state income tax deduction of up to $10,000 ($5,000 if married, filing separately) for contributions made to their own NEST accounts.[1]
“There’s no better time than now to start planning for a loved one’s future,” Briese said. “Year-end contributions not only help grow savings for future education costs, but also offer tax advantages for account owners.”
Contributions must be postmarked by December 31, 2024 to qualify for 2024 tax benefits. Account owners can also contribute online by logging into their account at NEST529.com.
Visit NEST529.com/Tax-Benefits to read more about the benefits of a NEST 529 Education Savings Plan.
The Nebraska 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.
About NEST 529
NEST 529 is a tax-advantaged 529 education 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, Bloomwell 529 Education Savings Plan, and State Farm 529 Savings Plan. The Nebraska State Treasurer serves as Program Trustee. Union Bank and Trust Company serves as Program Manager, and all investments are approved by the Nebraska Investment Council. Families nationwide are saving for college using Nebraska’s 529 Education Savings Plans, which have close to 300,000 accounts. Visit NEST529.com and treasurer.nebraska.gov for more information.
About Union Bank and Trust Company
Founded in 1917 with over 50 years of family ownership, Union Bank and Trust Company offers complete banking, lending, investment, and trust services. The bank has 38 full-service and loan production offices in Nebraska and Kansas. It is the third largest privately owned bank in Nebraska, with bank assets of $8.4 billion and trust assets of $48.1 billion as of December 31, 2023. Voters have chosen Union Bank and Trust Company as Best Bank, Best Customer Service, Best Work Environment, and Best Financial Planner in Lincoln for twelve years running.
Important Legal Information
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 can be obtained at NEST529.com and 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.
The NEST Direct College Savings Plan (the “Plan”) is sponsored by the State of Nebraska, administered by the Nebraska State Treasurer, and the Nebraska Investment Council provides investment oversight. Union Bank and Trust Company serves as Program Manager for the Plan. The Plan offers a series of Investment Options within the Nebraska Educational Savings Plan Trust (the “Trust”), which offers other Investment Options not affiliated with the Plan. The Plan is intended to operate as a qualified tuition program.
Except for any investments made by a Plan participant in the Bank Savings Underlying Investment up to the limit provided by Federal Deposit Insurance Corporation (“FDIC”) insurance, neither the principal contributed to an account, nor earnings thereon, are guaranteed or insured by the State of Nebraska, the Nebraska State Treasurer, the Nebraska Investment Council, the Trust, the Plan, any other state, any agency or instrumentality thereof, Union Bank and Trust Company, the FDIC, or any other entity. Investment returns are not guaranteed. Account owners in the Plan assume all investment risk, including the potential loss of principal.