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What’s the contribution limit for 529 plans in 2024? ... Georgia, Mississippi. $235,000. ... While contributions are made with after-tax money and don’t qualify for a federal tax deduction ...
State. Tax Treatment of 529 Plan Contributions. California. No deduction or credit. Illinois. Maximum deduction of $10,000 ($20,000 for married joint filers) per year
December 9, 2024 at 7:53 PM. ... those costs don’t qualify for the tax deduction. Non-Deductible Expenses ... you could qualify for other deductions: 529 Plans.
529 plans are named after section 529 of the Internal Revenue Code—26 U.S.C. § 529.While most plans allow investors from out of state, there can be significant state tax advantages and other benefits, such as matching grant and scholarship opportunities, protection from creditors and exemption from state financial aid calculations for investors who invest in 529 plans in their state of ...
A Coverdell education savings account (also known as an education savings account, a Coverdell ESA, a Coverdell account, or just an ESA, and formerly known as an education individual retirement account), is a tax advantaged investment account in the U.S. designed to encourage savings to cover future education expenses (elementary, secondary, or college), such as tuition, books, and uniforms ...
Opening a 529 plan is a tax-advantaged way to set aside money for college. The money you contribute can grow tax-deferred and qualified withdrawals are tax-free. While there is no federal tax ...
Wisconsin residents can receive up to $5,000 (for 2024) in state tax deductions per beneficiary. West Virginia’s plan, Smart 529 WV Direct College Savings Plan
December 22, 2024 at 12:24 AM. Key takeaways. ... and you can calculate your potential benefit with the help of Vanguard’s 529 state tax deduction calculator. Contributions are made with after ...