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Education
Yes. A rollover from another 529 plan into BrightStart can count as a contribution.
The basis would represent your contribution portion to the previous plan and that is the amount that can be claimed as a contribution to BrightStart up to the limits of $10,000 for an individual or $20,000 for a joint filing. The earnings are not eligible to be counted as a contribution for the deduction.
To learn more, see the following: Bright Start 529 Plan Help Center
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ā€ˇFebruary 7, 2022
6:28 AM