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New Jersey state tax deduction

Are you making the most of the tax benefits?

For families with a gross income of $200,000 or less, Franklin Templeton 529 offers a state income tax deduction on contributions up to $10,000 per year.1

Matching grant

New Jersey matching grant opportunity

Boost your savings with a one-time grant of up to $750, matching your first contribution dollar for dollar.2 Designed to help lower income NJ families save for higher education, and maximize their initial investment.
 

Learn more and apply

Scholarship

Apply for NJBEST Scholarship

The NJBEST Scholarship provides a tax-free scholarship worth up to $6,000 for beneficiaries of a Franklin Templeton 529 College Savings Plan. The longer you contribute, the greater the college scholarship amount.3
 

Learn more and apply
  1.  The New Jersey College Affordability Act allows for a state tax deduction for contributions into a Franklin Templeton 529 College Savings Plan of up to $10,000 per year, for those with gross income of $200,000 or less. The maximum deduction is $10,000. Because each investor’s circumstances are different, please consult your tax professional for more information about considerations that may be relevant to your particular situation.
  2. The New Jersey College Affordability Act allows taxpayers with household adjusted gross income between $0 and $75,000 may be eligible for a one-time grant of up to $750 matched dollar-for-dollar of the initial deposit into an NJBEST account for accounts open on or after June 29, 2021. Visit HESAA's site for terms and conditions and how to apply. This program is subject to available funding.
  3. Investing in the Franklin Templeton 529 Plan does not guarantee admission to any particular elementary or secondary school or to college, or sufficient funds for elementary or secondary school or for college. The scholarship is only available for college and is awarded any fall or spring semester of college. The scholarship may be awarded only once to an eligible beneficiary. The NJBEST Scholarship is provided by the New Jersey Higher Education Student Assistance Authority.

All investments involve risk including possible loss of principal.  

Investors should carefully consider the 529 plan’s investment goals, risks, charges and expenses before investing. To obtain the Program Description, which contains this and other information, talk to your financial professional or call Franklin Distributors, LLC, the manager and underwriter for the 529 plan at (800) DIAL BEN/342-5236 or visit franklintempleton.com. You should read the Program Description carefully before investing and consider whether your, or the beneficiary’s, home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in its qualified tuition program. 

Franklin Templeton’s 529 College Savings Plan is offered and administered by the New Jersey Higher Education Student Assistance Authority (HESAA); managed and distributed by Franklin Distributors, LLC, an affiliate of Franklin Resources, Inc., 
which operates as Franklin Templeton. 

Investments in Franklin Templeton’s 529 College Savings Plan are not insured by the FDIC or any other government agency and are not deposits or other obligations of any depository institution. Investments are not guaranteed by the State of New Jersey, Franklin Templeton, or its affiliates and are subject to risks, including loss of principal amount invested. Investing in the plan does not guarantee admission to any particular primary, secondary school or college, or sufficient funds for primary, secondary school or college.

This material is being provided for general informational and educational purposes and should not be considered or relied upon as legal, tax or investment advice or an investment recommendation, or as a substitute for legal or tax counsel and provided for educational and informational purposes only. Franklin Templeton does not provide legal or tax advice. Federal and state laws and regulations are complex and subject to change, which can materially impact your results. Franklin Templeton cannot guarantee that such information is accurate, complete or timely; and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information.

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