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posted Jun 1, 2019 7:19:59 AM

Can I deduct the contributions I make to my grandchildren's 529 plans from my federal income taxes if I live in the state of Washington?

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1 Best answer
Level 9
Jun 1, 2019 7:20:02 AM

No, unfortunately, there is no federal tax deduction for 529 contributions, and since Washington does not have a state income tax there is no state tax deduction.  The tax benefits in your case will be when the funds are distributed if used for educational expenses.

1 Replies
Level 9
Jun 1, 2019 7:20:02 AM

No, unfortunately, there is no federal tax deduction for 529 contributions, and since Washington does not have a state income tax there is no state tax deduction.  The tax benefits in your case will be when the funds are distributed if used for educational expenses.