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The earnings portion of money withdrawn from a 529 plan that is not spent on eligible expenses (or rolled over into an ABLE account for any eligible family member) is subject to income tax, an additional 10% federal tax penalty, and the possibility of a recapture of any state tax deductions or credits taken. For example, if $50,000 is ...
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
Continue reading → The post What Are 529 Plan Qualified Expenses? appeared first on SmartAsset Blog. You contribute money to 529 college savings plan as a tax-advantaged way to save for your ...
You can use funds from your 529 plan to pay for qualified education expenses at eligible institutions nationwide. Withdrawals for qualified expenses are tax-free, but non-qualified withdrawals are ...
Here are answers to five common questions about how to spend money from 529 college savings plans. "Qualified expenses include tuition, fees, books, supplies and equipment required by an education ...
How a 529 works. These college savings plans offer tax-deferred growth and tax-free withdrawals when used for qualifying expenses, which for post-secondary education include tuition, fees and ...
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