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7 Types of 529 Plan Tax Deductions

529 Plan Tax Deductions are tax deductions that you can claim if you are contributing to a 529 plan. The 529 plan is an investment plan that helps families save money for college. Under this plan, you contribute a certain amount of money every year. Depending on the state, you can write off either the entire contribution or part of the contribution. As of this writing, 529 tax deductions are available in 30 out of 50 states (plus District of Columbia) and each state handles the benefits differently.

Full Deductions

South Carolina, West Virginia, New Mexico and Colorado allow you to deduct your entire annual contribution from your income tax. For example, if you are paying $50,000 in income taxes and you contributed $5,000 to the plan, you will be able to pay $45,000 in taxes.

Partial Contributor-Based Deductions

Most states that offer 529 Plan tax deductions will only let you deduct part of what you donated to a 529 Plan. The limit can be as high as $10,000 or as low as $500, but in most states, the limit falls in $3,000 - $5,000 range.

Partial Beneficiary-Based Deductions

Similar to above, this plan places caps on how much you can donate to a single plan. The key difference here is that you can donate to several plans at once. 

Other deductions

There are many states that don't fit into any of the above categories. In Wisconsin, you can only claim tax credit if the 549 plan's beneficiary is your relative and/or dependant. In Virginia, you may contribute up to $2,000 per account, but if you are over 70 years old, you can contribute as much as you want. Finally, in Nebraska, you can claim up to $2,500 in deductions even if you choose a standard deduction.

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