WebApr 29, 2024 · Until 2024, contributions to the Oregon 529 Plan were deductible on your Oregon state income tax return, up to certain limits. For example, in 2024, individual taxpayers were allowed to deduct up to $2,435 for contributions made to the Oregon College Savings Plan, while those filing jointly could deduct $4,865. WebState-by-state outline of the various state section 529 plan deductions. Visit individual plan websites for current information about fund expenses, minimum. ... No state income tax: Utah: 5% tax credit on contributions of up to $2,040 single / $4,080 joint beneficiary (maximum credit of $102 single / $204 )
Can You Get a 529 Plan Tax Deduction? SmartAsset.com
WebApr 5, 2024 · Money put into 529 plans is tax deductible in some states, and can be used to pay expenses such as tuition, books, computers and room and board. Contributions can range up to $85,000 per beneficiary in a single year. ... Contributions can range up to $85,000 per beneficiary in a single year. 3. Neglecting to take deductions and credits. … WebYes, grandparents can claim the deduction for contributing to a 529 if they live in one of the 34 states that offer a state income tax deduction for 529 college-savings plan … robert comlish milford ct
Are 529 plans tax deductible? Edelman Financial Engines
WebMar 1, 2024 · For example, New York residents are eligible for an annual state income tax deduction for 529 plan contributions up to $5,000 ($10,000 if married filing jointly). In Colorado, New Mexico, South … WebYou can use the contributions and earnings tax-free for qualified educational expenses. Owners of 529 plans may also qualify for state-level tax deductions. Federal Tax Deduction for 529 Plans. Although your contributions to a 529 College Savings Plan are not tax deductible, you still receive a benefit. As an investment account, the 529 plan ... WebJun 18, 2014 · In Utah and Virginia, the owner of a 529 account can also deduct the contributions other people make to the account. For example, in Virginia, account owners can deduct up to $4,000 in... robert commercial