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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 ...
For example, if you deducted $1,500 in state taxes last year, but your state refund this year was $2,000, you only need to report a tax refund of $500 on your federal income tax return.
The earnings portion of money withdrawn from a 529 plan that is not spent on eligible expenses (or rolled over into an ABLE account for any eligible family member) is subject to income tax, an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 ...
You could receive a $480 refund ($1,200 * 0.4). ... While contributions to a 529 plan are not tax deductible for federal tax purposes, the funds in these plans can typically grow either tax-free ...
Many states provide a tax deduction or tax credit for ... not FICA or capital gains tax. Using 529 Plans. While nearly every state offers its own 529 plans, selecting the right one requires more ...
Residents of New York State can receive some hefty state tax deductions, up to $5,000 for single filers and $10,000 for joint filers, making the program an attractive offset for the state’s high ...
Traditional IRAs, on the other hand, do qualify for federal tax deductions in most cases. Aggregate limits: Every state sets a limit on the total amount you can contribute to 529 plans over a ...