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Education
Q. Are there limits on the rollover contributions form another state’s 529 plan?
A. Yes. "Individuals subject to Illinois state income tax can deduct from their taxable income up to a maximum of $10,000 per year for contributions made toward the purchase of any College Illinois! prepaid tuition contract. Married couples filing jointly can deduct up to $20,000 per year."
Reference: https://www.collegeillinois.org/HowDoesItWork/FAQs.html#:~:text=Individuals%20subject%20to%20Illinoi....
September 19, 2024
4:53 AM