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General Finance – 529 Plans

Q: Should I put 2000 in a 529 plan to take advantage of the tax break on my state income tax? I will be starting an accelerated nursing program in the fall.

 

A: Great question. Just to be clear, Georgia Path2College 529 Plan contributions are not deductible for Federal income tax purposes. Contributions made during the tax year, or before the following year’s tax filing deadline are eligible for the Georgia income tax deduction.

 

All GA taxpayers can contribute and deduct up to $2,000 on behalf of any beneficiary regardless of annual income. The deduction is available even in you don’t itemize deductions.

 

There are tax deductions and credits at the Federal level as well with some stipulations. Federal income tax payers can deduct up to $4,000 in tuition and fees provided that:

 

They don’t claim the American Opportunity Credit (AOC) or Lifetime Learning Credit (LLC)

 

·         Income is less than:

 

  • $65,000 if filing single
  • $130,000 if married filing jointly

 

The deduction is phased out completely if your income is:

 

  • $80,000 if filing single
  • $130,000 if married filing jointly


 

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