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How much would a $2500 529 deduction affect my MD State income tax refund?
I understand that I can get a deduction, and in terms of Federal taxes a deduction means roughly 1/3 back on my refund, is it roughly the same in a state deduction?
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June 5, 2019
4:34 PM
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State tax filing
in terms of Federal taxes a deduction means roughly 1/3 back
You cannot deduct 529 plan contributions on a Federal return.
https://www.irs.gov/uac/529-plans-questions-and-answers
The MD state deduction is worth whatever your marginal state tax rate is.
June 5, 2019
4:34 PM