Edvest Contribution Limit Updated for 2024

Edvest Contribution Limit Updated for 2024

May 01, 2024

Good news for those who are utilizing Wisconsin’s 529 college saving plan, called Edvest, to save for qualified higher education expenses: on March 21st, Governor Evers signed Wisconsin Act 148 into law which increased the Wisconsin deduction for contributions to $5,000 for 2024 ($2,500 for married couples filing separately), up from $3,860 in 2023.  The 2024 deduction was previously communicated to be $4,000, which was the standard increase based on inflation. 

The legislation also coordinates the definition of “qualified higher education expenses” with federal law, which was recently expanded to include expenses for apprenticeship programs and qualified education loan repayments. 

The deadline for contributions remains the normal tax filing deadline (typically April 15th).

 

 

 

 

 

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