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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
Here are additional 2024 standard deductions for those over 65 showing the IRS’s tax inflation adjustments: Joint filers and surviving spouses can deduct an additional $1,550 per person over 65.
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 ...
“529 savings accounts are an incredible tool that provides savers with a combination of state income tax deductions, tax-deferred savings, and tax-free distributions for qualified educational ...
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 ...
Tax law is constantly changing, and even retirees are not immune from annual updates. In fact, seniors in particular have their own set of laws and rules to follow that may not even apply to ...
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