Save $1,500 Each Year You Have a Child in College

If you have a child in college, then contribute $7,500 to the Indiana College Choice 529 Plan, and then turn around and put that money back into your checking account. You don’t need to leave the 529 funds in the 529 to get the $1,500 Indiana tax credit (i.e., save $1,500 of Indiana tax each year you do this).