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Severn, MD: Education Tax Tip
A big tax benefit of the 2017 Tax Cuts and Jobs Act (TCJA) was to expanded eligibility for 529 savings plans. The 529 education savings plan was previously limited to only post-secondary education (i.e., college). However, the TCJA expanded it so that it can now be used for Kindergarten through Grade 12 education (public, private, or religious schools).
 
529 tax free investment growth: If you put money in a 529 account for education, the withdrawal of earnings are federal tax-free if used for qualified educational expenses. Qualified educational expenses include tuition, fees, housing, meals and books. Many states offer a full or partial tax deduction for 529 plan contributions.
 
529 State Income tax benefits: 30 states offer a state income tax credit or deduction. The amount varies by state. For example, in New York you can deduct from your computed state income up to $10,000 per year (married filing joint, $5,000 per year individual). The full amount you can contribute will grow tax free but only up to $10,000 per year can be deducted for state income tax calculations. In Maryland you can deduct up to $2,500 of contributions per beneficiary ($5,000 for 2 beneficiaries, $7,500 for 3 beneficiaries, and so on).
 
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