PHOENIX — A contest for Arizona students could boost their college savings by hundreds of dollars. It's called the "My Picture-Perfect Career" photo contest, and submissions are accepted through Sunday, June 9.
To enter, students grades kindergarten through 12, are encouraged to take or pose for a picture representing themselves in their dream job. It can be a selfie and family and friends can be included.
10 Arizona winners will get $529 towards opening a new or existing AZ529 education savings plan. The goal of the contest is to encourage families to take summer vacation to talk about what their children want to be when they grow up. It’s also a great opportunity to take trips to Arizona libraries, museums and other places to learn more hands-on about different career paths.
AZ529 savings plans are a tax-free way to save for education after high school, and Arizonans can start by contributing as low as $15 per month, Arizona Treasurer, Kimberly Yee, said. An AZ529 plan can be used to pay for college, community college, vocational training, trade school and other educational avenues for high school graduates.
Arizonans get dollar for dollar state tax deduction for contributes made each year, and the funds earned over time stay tax-free when used on many different educational expenses. Adults can open savings plans for themselves as well, if planning to go back to school or switch careers.
Yee said there is even a way to open a plan for a future child you may be planning to have, who is not born yet. “Even if you are not a parent yet and you’re maybe a young career person, you can actually start your own 529 plan," Yee said. "And maybe one day you will have a child, you can transfer the name of that beneficiary from your name to your new child and it grows over that period of time. You’ve already started that account early on.”
Anyone can contribute to these plans, so think opportunities for birthday parties and holiday gifts from family and friends.
New in 2024, my529.org said families can roll over unused 529 plan money to the account beneficiary’s Roth IRA without triggering income taxes or penalties. It’s part of the secure 2.0 act and there’s a lifetime limit of $35,000. The account must also be open for at least 15 years, among other rules. Check with a financial advisor for the best fit for your family.
>> Download the 12News app for the latest local breaking news straight to your phone.
12News on YouTube
Catch up on the latest news and stories on our 12News YouTube playlist here.