Edgewood Elementary kindergarten student Dwayne Moody Jr. is the Jefferson County winner of a $529 Arkansas Gift Savings Plan in the ‘Coloring for College’ contest.
The contest was sponsored by the Arkansas 529 Gift College Investment Plan, the Arkansas State Treasury and the Arkansas Department of Education.
In art class, kindergarten students at Edgewood drew and colored a picture that was submitted to the ‘Coloring for College’ contest.
Dwayne’s parents, Dwayne Moody Sr.and Shanquell Moody, learned that their son’s crayon artwork was selected as a contest winner with $529 being deposited into a college savings account, according to a news release.
“529 plans were established to help parents and grandparents save money for college,” according to the ‘Arkansas 529’ website. “Once a child reaches college age, withdrawals for qualified higher education expenses are free from federal income tax. That way, more savings go toward paying for college rather than taxes. Also, Arkansas taxpayers can deduct up to $5,000 a year (up to $10,000 for married couples) of 529 contributions from their adjusted gross income.”