Get the free ScholarShare College Savings Plan Payroll Deduction Form

Este formulario se utiliza para iniciar, detener o modificar una deducción de nómina para su Cuenta del Plan de Ahorros para la Universidad ScholarShare®.

How to fill out scholarshare college savings plan

How to fill out ScholarShare College Savings Plan Payroll Deduction Form

1. Obtain the ScholarShare College Savings Plan Payroll Deduction Form from your employer or download it from the ScholarShare website.
2. Fill out your personal information at the top of the form, including your name, address, and Social Security number.
3. Indicate the amount you wish to have deducted from your paycheck for the college savings plan.
4. Provide your ScholarShare account number or indicate if you are setting up a new account.
5. Review the terms and conditions provided on the form regarding payroll deductions.
6. Sign and date the form to authorize the deduction.
7. Submit the completed form to your employer's payroll department.

Who needs ScholarShare College Savings Plan Payroll Deduction Form?

1. Parents or guardians planning to save for their child's college education.
2. Individuals who want to contribute to their own college savings.
3. Employees of organizations that offer payroll deduction for the ScholarShare College Savings Plan.

People Also Ask about

Is the ScholarShare 529 plan tax deductible?

As a 529 Plan, ScholarShare 529 provides California families compelling income tax benefits. Although contributions are not deductible on your federal tax return, any investment earnings can grow tax-deferred. See the ScholarShare 529 Plan Description for more details on California's tax benefits.

Does a 529 plan reduce my taxable income?

Contributions to a 529 plan are never deductible on your federal income tax return.

Is a 529 college savings plan tax deductible?

California ScholarShare 529 earns a Morningstar Analyst Rating of Silver, thanks to its exceptional oversight, thoughtfully constructed enrollment portfolios, and low fees. The plan's average fee of 0.21% is cheaper than 80.0% of education savings plans.

How much of a 529 plan is tax deductible?

This amount is reported as “other income” on Schedule 1 (Form 1040). If all of the money you received from 529 plans was used for qualified expenses, then you don't have to report anything on your tax return.

Do you have to report 529 on a tax return?

529 Cons. If not used for college expenses, there is a 10% additional tax on earnings. If not used for qualified expenses, all earnings are taxed as ordinary income (even if the “actual” earnings were capital gains). The management fees for a 529 account are typically higher than the fees for comparable mutual funds.

Can a 529 be a payroll deduction?

Plus, since 529 contributions are made with after-tax dollars, this is not a payroll deduction, but a simpler payroll direct deposit through the Automated Clearing House (ACH) system you likely already use. Did you know that employees save 75% more for education when using direct deposit?

For pdfFiller’s FAQs

What is ScholarShare College Savings Plan Payroll Deduction Form?

The ScholarShare College Savings Plan Payroll Deduction Form is a document that allows employees to set up automatic deductions from their paychecks to contribute to a 529 college savings plan.

Who is required to file ScholarShare College Savings Plan Payroll Deduction Form?

Any employee who wishes to participate in the ScholarShare College Savings Plan through payroll deduction is required to file this form.

How to fill out ScholarShare College Savings Plan Payroll Deduction Form?

To fill out the form, employees must provide their personal information, including name, address, and Social Security number, specify the amount to be deducted from their paycheck, and sign the form to authorize the payroll deduction.

What is the purpose of ScholarShare College Savings Plan Payroll Deduction Form?

The purpose of the form is to facilitate automatic contributions to a college savings account, making it easier for employees to save for future educational expenses.

What information must be reported on ScholarShare College Savings Plan Payroll Deduction Form?

The form requires reporting the employee's personal information, the chosen contribution amount, and any account details related to the ScholarShare College Savings Plan.