Are 529 contributions tax deductible?
Never are 529 contributions tax deductible on the federal level. However, some states may consider 529 contributions tax deductible. Check with your 529 plan or your state to find out if you’re eligible.
A 529 plan allows you to save for college or higher education while receiving some type of tax benefit. Earnings from 529 plans are not subject to federal tax and generally not subject to state tax when used for qualified education expenses such as tuition, fees, books, as well as room and board. The contributions made to the 529 plan, however, are not deductible.
For more information about 529 Contributions, visit: https://www.irs.gov/uac/529-plans-questions-and-answers
Looking for information about your District of Columbia refund? Get details on checking your D.C. refund status, who to contact, and more from H&R Block.
Need some tips on how to deduct business expenses? Learn more from the tax experts at H&R Block.
Lean more about deducting car loan interest with help from the tax experts at H&R Block.
Learn whether a noncitizen can claim the standard deduction tax credit with advice from the tax experts at H&R Block.