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Plus, 529 savings plan contributions can be invested, similar to the structure of a 401(k), and any investment profits used to pay for qualified education expenses are 100% tax-free.
Arizona (advisor-sold plan) $575,000. 2. New Hampshire. $569,123. 3. Utah. $560,000. ... The bottom line is that 529 savings plans have some of the highest contribution limits of any tax ...
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
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 ...
This may be your best 529 savings plan option. However, Arizona, Arkansas, Kansas, Minnesota, Missouri, Montana and Pennsylvania offer a deduction regardless of where the plan is from.
Arizona. $590,000. Wisconsin. $589,650. Utah. $574,000. ... A 529 college savings plan offers a flexible and tax-advantaged way for parents to save for their children’s education. While there is ...
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