Art contest can earn Arizona students $529 toward college savings

The third-annual AZ529 Future Career Art Contest asks Arizona kindergarten through 6th-grade students to draw, paint or find a creative way to make an art piece representing their dream job.

Through the Arizona State Treasurer’s Office together with AZ529, Arizona’s Education Savings Plan, 15 winners will be selected across the state and receive $529 toward opening a new or existing AZ529 Education Savings Plan account.

Winners will be selected from all Arizona counties and at least one winner representing a district school, charter school, private school, tribal school, and homeschool will be selected. Winners will be honored by Treasurer Kimberly Yee during a special ceremony at the State Capitol at the end of March.

In all, nearly $8,000 will be distributed to 15 students to kickstart or contribute to saving for their educational plans beyond high school. Parents or guardians of the winners will be responsible for setting up an AZ529 account if an account does not already exist.

All entries must be submitted either online at https://az529.gov/2024ArtContest/ or through direct mail. Entries must be received by 11:59 p.m. Sunday, March 3.

The AZ529 Education Savings Plan offers a tax-free approach to setting money aside for college, community college, vocational training, trade school and other educational avenues for high school graduates. Arizona residents can receive a dollar-for-dollar state tax deduction for contributions made to an AZ529 account each year, of up to $2,000 per beneficiary or $4,000 per beneficiary depending on filing status.

Funds earned over time will remain tax-free when used for a wide variety of covered educational expenses.

Beginning this year, 529 plan beneficiaries will be able to rollover unused funds into a Roth IRA, free of income tax or tax penalties. Additionally, friends and family members may add to a child’s AZ529 Plan at any time and earn the same tax benefits for themselves.

Visit http://www.az529.gov/2024artcontest for more info about the contest.