Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
jeffed7712
New Member

I switched both my daughter 529 Future Scholar Plans from North Carolina to South Carolina and was told this would be a tax break. Can you please advise?

 
1 Best answer

Accepted Solutions
MargaretL
Employee Tax Expert

I switched both my daughter 529 Future Scholar Plans from North Carolina to South Carolina and was told this would be a tax break. Can you please advise?

You may be able to deduct 529 plan contributions on South Carolina tax return, if you file one. The state allows full amount of contributions above the line exclusion from income.  For federal tax purposes, however,  529 plan contributions are not tax deductible, unfortunately.  And the actual "switching" is not a tax break in itself, just the contributions.  

View solution in original post

1 Reply
MargaretL
Employee Tax Expert

I switched both my daughter 529 Future Scholar Plans from North Carolina to South Carolina and was told this would be a tax break. Can you please advise?

You may be able to deduct 529 plan contributions on South Carolina tax return, if you file one. The state allows full amount of contributions above the line exclusion from income.  For federal tax purposes, however,  529 plan contributions are not tax deductible, unfortunately.  And the actual "switching" is not a tax break in itself, just the contributions.  

Dynamic AdsDynamic Ads
Privacy Settings
v