Jason Gruenauer is a Denver7 anchor and reporter
DENVER — Whether it's TurboTax, your accountant, or the do-it-yourself form, one of the questions on your Colorado state taxes has to do with contributions to a 529 college savings account. So what is it? How does it work? And what are the benefits?
“We’ve done the calculations. And by the simple principle of earning interest, compound interest, you can literally cut the cost of college in half when you compare it to paying interest on a loan,” CollegeInvest CEO Angela Baier said. “So the earlier you save, and the more you save, the better it is for your child, and the fewer loans, if any, they're going to have to take out.”
“In a regular savings account, you don't get the deduction from your state taxes. In a regular savings account, you’re paying federal taxes on your earnings every single year,” Baier explained. “Once you sign up, we'll put $100 into your account directly. And after that, we will incentivize a match of $500 a year for five years. So that's $2,600 of free money that will help grow,” she added.
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