- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Can Massachusetts residents deduct gifts to a 529 plan for a non dependent grandchild
Topics:
posted
June 5, 2019
10:57 PM
last updated
June 05, 2019
10:57 PM
5 Replies
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Can Massachusetts residents deduct gifts to a 529 plan for a non dependent grandchild
Not for 2016, however, effective January 1, 2017 through the 2021 tax year, contributions to one of the two Massachusetts 529 plans of up to $1,000 per year by an individual, and
up to $2,000 per year by a married couple filing jointly, are deductible
in computing Massachusetts taxable income. There are no restrictions on who the beneficiary can be, so a grandchild would qualify.
June 5, 2019
10:57 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Can Massachusetts residents deduct gifts to a 529 plan for a non dependent grandchild
Stumbled on this answer and I have a follow-up. Are there restrictions on who the account owner can be? If I create a Massachusetts 529 account owned by me, and benefitting my child, can my Massachusetts-resident parents-in-law make contributions deductible on their Massachusetts taxes? Or would we have to make an account owned by them?
Thanks!
Thanks!
June 5, 2019
10:57 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Can Massachusetts residents deduct gifts to a 529 plan for a non dependent grandchild
@thekapells
You posted in an old answered thread from last year, so your question wasn't seen and became "orphaned." I'll see if I can attract someone to this thread familiar with Massachusetts. If you don't get a response, you can always start your own new thread, and it will show up in the forum as needing help.
@Zbucklyo Are you able to assist this Massachusetts user when you are next in the forum? Thanks!
You posted in an old answered thread from last year, so your question wasn't seen and became "orphaned." I'll see if I can attract someone to this thread familiar with Massachusetts. If you don't get a response, you can always start your own new thread, and it will show up in the forum as needing help.
@Zbucklyo Are you able to assist this Massachusetts user when you are next in the forum? Thanks!
June 5, 2019
10:57 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Can Massachusetts residents deduct gifts to a 529 plan for a non dependent grandchild
You would not need to set up a separate account for grandparents to contribute to. They can contribute to a Massachusetts account owned by you (or anyone else) and take the state tax deduction.
June 5, 2019
10:57 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Can Massachusetts residents deduct gifts to a 529 plan for a non dependent grandchild
June 5, 2019
10:57 PM
Still have questions?
Make a post