Tax Experts
Can I Deduct 529 Contributions?
By Kevin McCormally, Editorial Director, Kiplinger.com
April 2008
- Comments
- Email This Article
- Print This Article
- Order a Reprint
Advertisement
Q: In 2007, I contributed $4,800 to the VA 529 plan. Can I deduct this amount (or any of it) on my 1040 and VA tax return? -- Tram T.
Kevin's Answer
There is no federal deduction for 529 contributions.
However, the state of Virginia does allow a state income tax deduction for contributions to a 529 college savings plan. The account owner may deduct up to $2,000 a year (and any part of a contribution not allowed due to the $2,000 cap may be deducted in future years). Also, the $2,000 cap does not apply to account owners age 70 and older. (See which states allow a tax deduction.)
FIND MORE TAX ANSWERS
Permission to post your comment is assumed when you submit it. The name you provide will be used to identify your post, and NOT your e-mail address. We reserve the right to excerpt or edit any posted comments for clarity, appropriateness, civility, and relevance to the topic.
View our full privacy policy