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bruce-nyra-white
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Are contributions to Educational Savings Accounts for our grandchildren who are not our dependents deductible?

 
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DDollar
Level 7

Are contributions to Educational Savings Accounts for our grandchildren who are not our dependents deductible?

They may be eligible for a state tax deduction.  There is no federal tax deduction for contributions to Educational Savings Plans - 529 Plans.  Many states offer a state tax deduction if you contribute to that state's sponsored fund and live in that state.  An excellent website to find out if you qualify for a state tax deduction is   https://www.savingforcollege.com/


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DDollar
Level 7

Are contributions to Educational Savings Accounts for our grandchildren who are not our dependents deductible?

They may be eligible for a state tax deduction.  There is no federal tax deduction for contributions to Educational Savings Plans - 529 Plans.  Many states offer a state tax deduction if you contribute to that state's sponsored fund and live in that state.  An excellent website to find out if you qualify for a state tax deduction is   https://www.savingforcollege.com/


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