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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
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 ...
Here’s who should consider a 529 prepaid tuition plan. ... you may receive a tax benefit as a deduction or credit for prepaying tuition. ... Pennsylvania. Texas. Washington. You can find more ...
The earnings portion of money withdrawn from a 529 plan that is not spent on eligible expenses (or rolled over into an ABLE account for any eligible family member) is subject to income tax, an additional 10% federal tax penalty, and the possibility of a recapture of any state tax deductions or credits taken. For example, if $50,000 is ...
A 529 plan is a tax-advantaged way for parents to save for their children’s education expenses. The IRS doesn’t impose a contribution limit on 529 plans, unlike for other tax-advantaged ...
In Indiana, for example, parents can contribute up to $7,500 per year to a 529 plan, and receive a tax credit of 20% of that amount. That's $1,500 per year in free money!
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