WebIndiana taxpayers are eligible for a state income tax credit of 20% of contributions to a CollegeChoice Advisor account, up to $1,500 credit per year. 2 Estate tax advantages Contribute as much as $17,000 per beneficiary each year ($34,000 for married couples filing jointly), without incurring gift-tax consequences. Web4 okt. 2024 · For instance, if you contribute $5,000 to a 529 plan in Indiana, you’ll get a 20% tax credit, which translates to a $1,000 credit. Each taxpayer can claim a maximum $250 credit for each beneficiary who contributes up to $2,500 in Vermont, with a 10% tax credit.
States That Offer the Best 529 Tax Advantages - The Balance
WebCollegeChoice Advisor is Indiana’s tax-advantaged 529 savings plan designed to help people easily and affordably save for college. ... 2010, the Indiana state income tax credit will no longer apply to rollovers from another state's qualified tuition program or to transfers from the Upromise service into a CollegeChoice Advisor account. WebI live in Indiana which has the nation's most generous 529 plan where you get a 20% tax credit for every dollar you save in a 529 with the max per year credit being $1000. I've been maxing this out every year because someday I might have to move due to unforeseen life changes and I wouldn't be able to take advantage of such a generous program. incorrect syntax near the keyword null
How Much is your State’s 529 Tax Deduction Really Worth?
Web27 jul. 2024 · Enter your 529 account number in column B. You may locate your account number on your trust accounts statements. Enter your total contributions in Column C for each account that you own. You can claim a tax credit for more than one account, but your total annual credit may not exceed $1,000. Multiply each line in column C by 20 percent … Web15 dec. 2024 · For example, Indiana residents who contribute to the state’s CollegeChoice 529 Savings Plan are eligible for a state income tax credit on 20% of their annual contributions up to $1,000. 4. Don ... Web4 feb. 2024 · Indiana’s CollegeChoice Direct 529 Savings Plan is a direct-sold plan that has a low minimum contribution requirement and fees ranging from 0.18% – 0.82%. It does not require in-state residency. Ascensus College Savings is the plan’s program manager. It features a year-of-enrollment option using Vanguard index and Loomis Sayles funds ... incorrect syntax near the keyword openrowset