Maximum aggregate plan balance: $475,000 Arizona State tax benefit: Contributions and rollover contributions up to $5,000 for a single return and up to $10,000 for a joint return are deductible in computing Alabama taxable income. Remember, you don’t have to use your home state’s plan and you can use a 529 college savings plan to pay for an eligible institution in any state. The list below includes details about the tax benefits offered, the contribution deadline and the maximum 529 plan balance each state allows.Ĭlick on the state’s name to see the plans it offers. Over 30 states, including the District of Columbia, currently offer this type of perk, and the rules vary by state. If you’re currently saving for college, you may qualify for a state income tax credit or deduction for contributions to a 529 plan. As the end of the year approaches, you may be looking for ways to reduce your taxable income.
0 Comments
Leave a Reply. |