In Colorado, the intent of the state’s 529 college savings plan, CollegeInvest, is to encourage savings for higher education. Colorado tax law remains unchanged and CollegeInvest 529 plans can only be used for qualified higher education expenses. Any other use, including K-12 tuition expenses, are considered non-qualified withdrawals and subject to penalties.
Use your Colorado Income Tax Refund to help save for college. Are you expecting a tax refund when you file your Colorado State income taxes? Did you know that you can have your refund deposited directly into your CollegeInvest account?