Ads
related to: 529 plan georgia tax deductionpropertyrecord.com has been visited by 100K+ users in the past month
Search results
Results From The WOW.Com Content Network
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
Georgia, Mississippi. $235,000. North Dakota. ... Funding a 529 plan may have immediate tax benefits in some cases. Over 35 states offer tax deductions on contributions, though usually only up to ...
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 ...
The earnings portion of money withdrawn from a 529 plan that is not spent on eligible expenses (or rolled over into an ABLE account for any eligible family member) is subject to income tax, an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 can contribute up to $19,000, or $38,000 if you file jointly, per beneficiary to a 529 plan in 2025 without having to file a gift tax return. Other contribution rules may apply based on the state.
If you’re paying off student loans or funding a 529 plan for your child, you could qualify for other deductions: 529 Plans A 529 plan can help you save up for college expenses for your children.