Author Topic: Colorado 529 matching grant program  (Read 483 times)

JJ-

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Colorado 529 matching grant program
« on: October 29, 2021, 10:52:42 AM »
I got the notice this year for Colorado's 529 matching grant program. Families are eligible for a dollar for dollar match grant up to $1,000 for contributions made. They use the FPL guidelines for cutoffs, and for our family of 4 the AGI cutoff is ~$159k.


IslandFiGirl

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Re: Colorado 529 matching grant program
« Reply #1 on: October 30, 2021, 05:51:56 PM »
Hmmm...I wonder if it's too late for me, my daughter is a senior in high school

JJ-

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Re: Colorado 529 matching grant program
« Reply #2 on: October 30, 2021, 06:54:53 PM »
Hmmm...I wonder if it's too late for me, my daughter is a senior in high school

From the beneficiary requirements section:
Must not be over the age of 18 at the end of the current program year

Seems to me 18 or younger is eligible for this CY.

driftwood

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Re: Colorado 529 matching grant program
« Reply #3 on: October 31, 2021, 08:34:07 AM »
I got the notice this year for Colorado's 529 matching grant program. Families are eligible for a dollar for dollar match grant up to $1,000 for contributions made. They use the FPL guidelines for cutoffs, and for our family of 4 the AGI cutoff is ~$159k.

Thank you! I was thinking about starting 529s and this bumped me over the edge.  The beneficiary has to be 8 or under though, so it only applies to one of my two children.

"Must be 8 years old or younger at the time of the initial application"
« Last Edit: October 31, 2021, 08:36:07 AM by driftwood »

JJ-

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Re: Colorado 529 matching grant program
« Reply #4 on: October 31, 2021, 11:46:56 AM »
I got the notice this year for Colorado's 529 matching grant program. Families are eligible for a dollar for dollar match grant up to $1,000 for contributions made. They use the FPL guidelines for cutoffs, and for our family of 4 the AGI cutoff is ~$159k.

Thank you! I was thinking about starting 529s and this bumped me over the edge.  The beneficiary has to be 8 or under though, so it only applies to one of my two children.

"Must be 8 years old or younger at the time of the initial application"

Ah well that's not confusing at all.

In any case it's an application program so if I were unsure I'd just submit it anyway. Worst they'd do is deny it. That's me though.

chaskavitch

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Re: Colorado 529 matching grant program
« Reply #5 on: October 31, 2021, 12:24:13 PM »
Thanks for this!  I didn't know it existed, but the application was pretty easy.

JJ-

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Re: Colorado 529 matching grant program
« Reply #6 on: November 02, 2021, 10:40:45 AM »
@driftwood my applications were just approved and apparently it's for next CY and not retroactive to this CY.

For others if you were planning on 529 the contribution period is the following year after the application. Also, each dependent is only eligible for 5 years and it does not need to be consecutive. Plan accordingly.

chaskavitch

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Re: Colorado 529 matching grant program
« Reply #7 on: November 02, 2021, 11:10:52 AM »
@driftwood my applications were just approved and apparently it's for next CY and not retroactive to this CY.

For others if you were planning on 529 the contribution period is the following year after the application. Also, each dependent is only eligible for 5 years and it does not need to be consecutive. Plan accordingly.

So, do they want your AGI for 2021?  Because I don't know that yet...

JJ-

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Re: Colorado 529 matching grant program
« Reply #8 on: November 02, 2021, 01:04:07 PM »
@driftwood my applications were just approved and apparently it's for next CY and not retroactive to this CY.

For others if you were planning on 529 the contribution period is the following year after the application. Also, each dependent is only eligible for 5 years and it does not need to be consecutive. Plan accordingly.

So, do they want your AGI for 2021?  Because I don't know that yet...

No, 2020 info is what I put in.

driftwood

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Re: Colorado 529 matching grant program
« Reply #9 on: November 03, 2021, 07:01:46 PM »
I got the notice this year for Colorado's 529 matching grant program. Families are eligible for a dollar for dollar match grant up to $1,000 for contributions made. They use the FPL guidelines for cutoffs, and for our family of 4 the AGI cutoff is ~$159k.

Thank you! I was thinking about starting 529s and this bumped me over the edge.  The beneficiary has to be 8 or under though, so it only applies to one of my two children.

"Must be 8 years old or younger at the time of the initial application"

Ah well that's not confusing at all.

In any case it's an application program so if I were unsure I'd just submit it anyway. Worst they'd do is deny it. That's me though.

Application accepted for my 7yo, the system won't let you proceed with an application for a 9yo. It stops you once you put in the bday and try to go to the next screen. I was hoping that was a typo, 8 or 9 is an odd cutoff, not sure about the logic there. Still any matched $ is "free" so I'm thankful I saw this thread.

JJ-

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Re: Colorado 529 matching grant program
« Reply #10 on: November 03, 2021, 07:35:57 PM »
I got the notice this year for Colorado's 529 matching grant program. Families are eligible for a dollar for dollar match grant up to $1,000 for contributions made. They use the FPL guidelines for cutoffs, and for our family of 4 the AGI cutoff is ~$159k.

Thank you! I was thinking about starting 529s and this bumped me over the edge.  The beneficiary has to be 8 or under though, so it only applies to one of my two children.

"Must be 8 years old or younger at the time of the initial application"

Ah well that's not confusing at all.

In any case it's an application program so if I were unsure I'd just submit it anyway. Worst they'd do is deny it. That's me though.

Application accepted for my 7yo, the system won't let you proceed with an application for a 9yo. It stops you once you put in the bday and try to go to the next screen. I was hoping that was a typo, 8 or 9 is an odd cutoff, not sure about the logic there. Still any matched $ is "free" so I'm thankful I saw this thread.

Awesome. Glad it was helpful. I thought were done with 529 contributions as we front loaded, but at an instant return of 100% this is going to be hard to beat.