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Deductions & credits
Contributions to your 529 plan are not deductible on your federal tax return. Your investment grows tax-deferred and distributions you pay for college are federally tax-free.
However, many states do offer an income tax deduction for contributions to the college-savings plan.
Since I am not sure which state you live in, please be sure to complete the Turbo Tax interview deductions questions on your state tax return.
May 31, 2019
7:13 PM