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2. Are 529 College Savings Plans Tax Deductible?

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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

3. 529 plan contribution limits for 2024: What college savers ...

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   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 ...

4. How Much Money Can I Gift Without Owing Taxes? - AOL

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   That does not include books, dorms or meal plans. You can skirt the gift tax by contributing to someone’s 529 college savings plan with a lump sum and then spreading it over five years for tax ...

5. 529 plan - Wikipedia

   en.wikipedia.org/wiki/529_plan

   Contributions to 529 plans are considered gifts under the federal gift tax regulations and hence any contributions in excess of the annual exclusion. The annual exclusion in 2024 is $18,000 if filing single (or $90,000 over five years) or $36,000 if filing married jointly (or $180,000 over a five-year period) count against the one-time gift ...

6. Can You Get a 529 Plan Tax Deduction? - AOL

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   Contributing to a 529 college savings account can offer tax advantages, including tax-deferred growth and tax-free withdrawals for qualified education expenses. But you may be wondering if you can ...

7. ABLE account - Wikipedia

   en.wikipedia.org/wiki/ABLE_account

   Contributions in a year are limited to the federal gift tax exclusion [11] for that year — $19,000 in 2025. If the beneficiary works and does not contribute to a 401(a) , 401(k), 403(b) , or 457 plan , the beneficiary can contribute an additional amount above that limit.

8. 529 plan vs. Roth IRA: Here’s how families can use both to ...

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   “529 savings accounts are an incredible tool that provides savers with a combination of state income tax deductions, tax-deferred savings, and tax-free distributions for qualified educational ...

9. These States Have the Highest 529 Plan Tax Deductions - AOL

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   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 ...