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vargashome
Returning Member

I am trying to lower my Illinois state tax liability. Is it too late to contribute to a 529 plan?

Is too late to contribute or did I miss the deadline at 12/31/18?

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I am trying to lower my Illinois state tax liability. Is it too late to contribute to a 529 plan?

Yes, it is too late.

Illinois

State tax benefit: Contributions and rollover contributions up to $10,000 for a single return and up to $20,000 for a joint return are deductible from Illinois state income tax. Only the principal portion of rollover contributions is eligible.

Deadline: December 31, 2018

Maximum aggregate plan balance: $400,000

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