Tax-Related

• January 25, 2019

  Tax-Related

  Can I claim a state income tax deduction based on contributions to a 529 Plan?

  Certain states may allow contributors to deduct contributions to a 529 Plan for state income tax purposes. This does not apply in Florida because Florida does not assess a state income tax. For specific information about your situation, please consult an investment adviser or certified public accountant.…

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• January 25, 2019

  Tax-Related

  Can I claim a federal income tax deduction based on contributions to a 529 Plan?

  Contributions to a 529 Plan do not reduce the taxable income of the contributor for federal tax purposes because they are made with after-tax dollars, much like a Roth IRA (Individual Retirement Account).…

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• January 25, 2019

  Tax-Related

  What are the estate tax benefits of 529 Plans?

  Contributions to a 529 Plan are generally considered completed gifts to the student and may be contributed, up to federal gift tax limits, to a plan without being subject to federal gift tax on the contributor(s). Such contributions are not included in the contributors’ estate for federal estate tax purposes.…

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