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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
This avoids gift tax on $90,000 in 2024 by treating it as if it was contributed over a five-year period. Other contribution and tax considerations for 529 plans
You can contribute up to $18,000, or $36,000 if filing jointly, per beneficiary to a 529 plan in 2024 without having to file a gift tax return. Other contribution rules apply, too, based on the state.
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 ...
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 ...
You can then calculate the amount you are eligible to claim on your return. If you’re using tax software, it will ask you questions about your expenses, details of form 1098-T and information ...
The tax advantages that come with a 529 plan can save your family ... $18,000 in 2024 – then you’ll need to report the amount to the IRS. ... That doesn’t mean you’ll be hit with a gift ...
Wisconsin residents can receive up to $5,000 (for 2024) in state tax deductions per beneficiary. West Virginia’s plan, Smart 529 WV Direct College Savings Plan
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