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Level 1
posted Jun 4, 2019 6:43:51 PM

If I transferred my daughters 529 to the Path2College Georgia, do I put that in the total, or just what I put in the account this year?

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1 Best answer
Level 15
Jun 4, 2019 6:43:52 PM

Just what you added to it in 2017, not the transferred amount.

Contributions up to $2,000 per year, per beneficiary, are eligible for a Georgia state income tax deduction for those filing a single return; and $4,000 per year, per beneficiary, for those filling a joint return. 

A transfer is not considered a contribution. 

You are permitted to transfer funds from another 529 college savings plan to an account in Path2College 529 Plan for the same beneficiary once within a 12-month period without incurring federal income tax. The 529 college savings plan from which you are transferring funds may be subject to differences in features, costs and surrender charges. You should consult your tax advisor or the other 529 college savings plan.   (Which we are here to help you with)

1 Replies
Level 15
Jun 4, 2019 6:43:52 PM

Just what you added to it in 2017, not the transferred amount.

Contributions up to $2,000 per year, per beneficiary, are eligible for a Georgia state income tax deduction for those filing a single return; and $4,000 per year, per beneficiary, for those filling a joint return. 

A transfer is not considered a contribution. 

You are permitted to transfer funds from another 529 college savings plan to an account in Path2College 529 Plan for the same beneficiary once within a 12-month period without incurring federal income tax. The 529 college savings plan from which you are transferring funds may be subject to differences in features, costs and surrender charges. You should consult your tax advisor or the other 529 college savings plan.   (Which we are here to help you with)