Newborn at Navicent Health Celebrated as First Tax Day Baby Wins $1,529 for College
One Georgia Baby Born in 2020 to Win $5,529 College Savings Contribution
For the second time this year, Atrium Health Navicent is celebrating its first "Tax Day Baby" with a contribution toward her college savings. Annie and Adam Stuart welcomed baby June on Wednesday, July 15 at 1:18 a.m., and she was awarded $1,529 for her Path2College 529 Plan.
"Adam and I both work in education. This is an amazing way to kick-start our sweet baby girl's future education," said Annie Stewart.
On April 15, Atrium Health Navicent awarded Pierre Vintson of Dublin with a college savings contribution as the "original" Tax Day Baby.
"We didn't want either of our 2020 "˜Tax Day Babies' to miss out on a jump-start to their college savings, so we decided to recognize both the original tax day, April 15, along with the new tax day, July 15," said Georgia State Treasurer Lynne Riley. "What better way to remind parents and grandparents about the importance of saving and the tax advantages of saving for college in the state's plan, while helping two families with newborns jumpstart their college savings."
Contributions to the state of Georgia's Path2College 529 Plan are deductible for Georgia income tax purposes up to $4,000 per year, per beneficiary, for those filing a joint return and up to $2,000 per year, per beneficiary, for those filing a single return. Any earnings on those contributions in the Path2College 529 Plan are federal and Georgia income tax deferred.
For the past five years Atrium Health Navicent and the Path2College 529 Plan partner to recognize the first "Tax Day" baby to raise awareness about the importance of saving for college and financial planning.
"We're pleased to partner with Path2College to offer a second Tax Day Baby scholarship this year, and so glad to welcome little June to the world by investing in her education. At Atrium Health Navicent, we believe that education is vital to an individual's success, and Atrium Health Navicent participates in numerous initiatives to promote education and continued learning," said Missi Upshaw, Director, Pediatric and Women's Services Director for Atrium Health Navicent.
Riley said that it's not just today's Tax Day Baby that is a winner, newborns across the state have a chance to win money for college.
The Path2Collge 529 Plan is also once again holding its Newborn Sweepstakes, which will award one baby born in Georgia this year a $5,529 college savings contribution. The Path2College 529 Plan will also award $1,529 to the hospital where the Newborn Sweepstakes winner is born.
"The Newborn Sweepstakes helps to raise awareness of families across the state of how starting a Path2College 529 Plan for their newborn can help the family prepare a strong financial foundation that will help their children succeed," said Riley.
Parents, grandparents and guardians of Georgia babies born in 2020 may go to www.Path2College529.com until April 14, 2021, for official rules, prize details and to enter for a chance to win the 2020 Newborn Sweepstakes. Entrants must be legal residents or taxpayers of Georgia and at least 18 years of age to enter. No purchase necessary. Void where prohibited. Sponsored by the Path2College 529 Plan.
For more information about the Path2College 529 Plan or to open a college savings account, please visit www.Path2College529.com or call (877) 424-4377.
To learn more about the Path2College 529 Plan, its investment objectives, tax benefits, risks, and costs please see the Disclosure Booklet at path2college529.com. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors only available for investing in its own 529 plan. Consult your legal or tax professional for tax advice. If the funds aren't used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply.