January 2013
Intermediate to advanced
384 pages
9h 10m
English
book
A Guide to Elder Planning: Everything You Need to Know to Protect Your Loved Ones and Yourself, Second Edition
by Steve Weisman
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State Income Tax Deductibility of Section 529 Plans
Each state has its own Section 529 Plan for saving for higher education expenses. Although it is possible to use the plan of a state in which you do not reside, some states permit you to take as a deduction on that state’s income tax the amount of your contribution to its Section 529 Plan. Therefore, consider the value of using your own state’s program if it provides tax deductibility. The amount of the deduction differs among the states that do permit you to take a deduction for 529 contributions on your state income tax.
Listed here are the states that do and do not allow a state income tax deduction for contributions to their 529 Plan. Alaska, Florida, Nevada, South Dakota, Texas, Washington, ...