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