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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.
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.
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