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2. Are 529 College Savings Plans Tax Deductible?

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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

3. 529 plan contribution limits for 2024: What college savers ...

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   What’s the contribution limit for 529 plans in 2024? ... account grow tax-deferred, and withdrawals are tax-free when used for qualified education expenses such as tuition, fees, room and board ...

4. What is a 529 plan and how is it used? - AOL

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   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 ...

5. My wife and I saved up $73,000 in 529 college savings plans ...

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   As of 2024, you may be allowed to roll over up to $35,000 in unused funds from your 529 plan into a Roth IRA account for the beneficiary — the idea being that these unused funds can help ...

6. These States Have the Highest 529 Plan Tax Deductions - AOL

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   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 ...

7. 4 year-end tax planning strategies to save money in 2024 and ...

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   You can make IRA contributions for the 2024 tax year up until April 15, 2025, so you have a little extra time. ... you may qualify for a state tax deduction for 529 plan ... The maximum lifetime ...

8. Why Unused 529 Plan Funds Might No Longer Be a Concern With ...

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   The 529 plan must be open for at least 15 years before attempting the 529-to-Roth rollover. And funds deposited in the last five years and their associated interest are not eligible for this transfer.

9. 529-To-Roth IRA Rollovers: What You Need To Know

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   Starting in 2024, unused 529 funds can be rolled into a Roth IRA tax-free, thanks to the SECURE 2.0 Act, giving families more flexibility with college savings.