I just learned about 10K state deduction for NJbest 529 contribution that starts in 2022.
I am unable to find any information on the timing cut off for the contribution to the plan to count against 2022.
After opening an account with Frank Templeton they show 0 contribution for 2022 and 2023, and I suspect anything new will go to 2023 in their system.
However, their support said that they dont report 529 contributions to IRS, so there is no accounting from their side.
Obviously I want to do this right. Can I still take advantage of this deduction by making a contribution now, or did I miss 2022 at this point? I was looking for something similar to IRA where you can specifically pick a year and still catch up until 4/15.
First of all, this would not be reported to the IRS because it is a non-deductible contribution for federal tax purposes. It is deductible on the state level, which includes New Jersey.
According to this only Mississippi, Georgia, and Iowa will accept contributions later than December 31. However, NJ is not a part of this list thus December 31, 2022 is the deadline for reporting a 2022 deductible contribution to NJ.
Next year, you will be able to claim this contribution is your 2023 NJ tax return providing if you make one.
First of all, this would not be reported to the IRS because it is a non-deductible contribution for federal tax purposes. It is deductible on the state level, which includes New Jersey.
According to this only Mississippi, Georgia, and Iowa will accept contributions later than December 31. However, NJ is not a part of this list thus December 31, 2022 is the deadline for reporting a 2022 deductible contribution to NJ.
Next year, you will be able to claim this contribution is your 2023 NJ tax return providing if you make one.