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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 ...
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 ...
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 ...
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.
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 ...
Tax professionals can help you complete your state income tax returns. Common Issues When Checking Your State Refund Status When checking your state refund status, you may run into the following ...
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