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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
Wisconsin’s 529 plan, Edvest. West Virginia’s plan, Smart 529 WV Direct College Savings Plan ... Wisconsin residents can receive up to $5,000 (for 2024) in state tax deductions per beneficiary ...
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 ...
A 529 plan is a tax-advantaged way for parents to save for their children’s education expenses. ... North Carolina, Vermont, Virgina, West Virginia. $550,000. States with the 5 lowest aggregate ...
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 ...
Plus, it may come with some tax benefits. Many 529 plans let you deduct contributions from your state income taxes, plus the growth and withdrawals are tax-free when used for qualifying education ...
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