Our income is too high to use college expenses as a deduction. However, I'm checking to confirm whether this also means I lose the tax benefits of a 529.
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Our income is too high to use college expenses as a deduction. However, I'm checking to confirm whether this also means I lose the tax benefits of a 529.
posted
June 1, 20198:40 AM
last updated
June 01, 20198:40 AM
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Our income is too high to use college expenses as a deduction. However, I'm checking to confirm whether this also means I lose the tax benefits of a 529.
The tax benefits of contributing to a 529 are realized at the state level and those deductions are always capped, so it's doubtful there's any loss of tax benefit there. There is no income limit for putting money into a 529.