What are the state tax benefits of a 529 plan?
An example of an AI chatbot conversation about 529 plan state tax benefits.
What are the state tax benefits of a 529 plan?
Many states offer tax deductions or credits for contributions to a 529 plan. This can reduce your taxable income.
Are the benefits the same in every state?
No, the benefits vary by state. Some states offer a full deduction, while others may have limits or no benefits at all.
How do I find out my state's specific benefits?
You can check your state's 529 plan website or consult a tax professional for detailed information on specific benefits.
Is there a limit to how much I can contribute to a 529 plan?
Yes, each state has its own contribution limits for 529 plans, which can range from $200,000 to over $500,000.
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