I have googled this and I just cannot get a direct answer to this question. Are any of the contributions tax deductible?
I put $4800/yr into each of my kids 529b accounts. It's just a 529b setup on vanguard and I deposit $200/check per kid.
I have seen that both they are and they aren't, and that each state has their own set of rules.
In MD it appears to be $2500/yr you can deduct, however they also have their own state sponsored 529b thing.
On that page right there it says you can deduct $2500/yr per kid.
But the thing I am not sure about is, is it ONLY 529b accounts that are through the state thing like that? Or is it just any old 529b for state residents that can be deducted?
I haven't been able to find a straight up yes/no answer to this.
I put $4800/yr into each of my kids 529b accounts. It's just a 529b setup on vanguard and I deposit $200/check per kid.
I have seen that both they are and they aren't, and that each state has their own set of rules.
In MD it appears to be $2500/yr you can deduct, however they also have their own state sponsored 529b thing.
Tax Advantages | Maryland 529
Maryland 529 Plan account owners are eligible for a unique tax benefit: an annual Maryland state income subtraction. Learn more about how it works here.
maryland529.com
On that page right there it says you can deduct $2500/yr per kid.
But the thing I am not sure about is, is it ONLY 529b accounts that are through the state thing like that? Or is it just any old 529b for state residents that can be deducted?
I haven't been able to find a straight up yes/no answer to this.