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A 529 plan is not the only way to pay for college, and there are many unusual ways to stock away cash, while even getting a tax break in some cases. Bottom line
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 ...
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 ...
You can use money in a 529 plan for non-education-related expenses, but those distributions are taxable and you’ll be hit with a 10% penalty, too, Miller-Nobles said.
3. Add Money to a 529 Account. A 529 college savings account is a tax-advantaged vehicle that’s designed to help you pay for education expenses. The money you deposit isn’t deductible at the ...
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