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7 states where you can still claim a prior-year 529 plan tax deduction
http://www.savingforcollege.com/articles/6-states-where-you-can-still-claim-a-prior-year-529-plan-tax-deduction-915

Updated: 2017-02-21

by Kathryn Flynn

State income tax deadlines are just around the corner, and if you haven’t filed your return yet you might be wondering if there’s still time to reduce your taxable income. If you have future college tuition to pay, one idea is to make contributions to a 529 plan.

Currently over 30 states, including the District of Columbia offer a state tax deduction or credit for 529 plan contributions. The majority of these states offer tax benefits to residents who use their home state’s plan, but if you live in Arizona, Kansas, Missouri, Montana or Pennsylvania you can claim a deduction for contributions to any state’s 529 plan.

Most states have a December contribution deadline to qualify for prior year tax breaks, but here are seven that give you until mid-April. Click on the state’s name to find out more about the plans they offer.

RELATED: How much is your state’s 529 plan tax benefit really worth?

Georgia

  • State tax benefit:
  • Contributions and rollover contributions up to $2,000 per beneficiary each year are deductible from Georgia state income tax

  • Contributions must be made to a Georgia 529 plan in order to qualify
  • Deadline: April 15, 2017

Iowa

  • State tax benefit:
  • Contributions and rollover contributions up to $3,188 for a single return and up to $6,376 for a joint return, each making their own contributions, are deductible from Iowa state income tax. Eligible contributions must be made by the account owner.

  • Contributions must be made to an Iowa 529 plan in order to qualify
  • Deadline: April 30, 2017

Mississippi

  • State tax benefit:
  • Contributions and rollover contributions up to $10,000 for a single return and up to $20,000 for a joint return are deductible from Mississippi state income tax.

  • Contributions must be made to a Mississippi 529 plan in order to qualify
  • Deadline: April 15, 2017

Oklahoma

  • State tax benefit:
  • Contributions and rollover contributions up to $10,000 for a single return and up to $20,000 for a joint return are deductible from Oklahoma state income tax, with a five-year carryforward of excess contributions.

  • Contributions must be made to an Oklahoma 529 plan in order to qualify
  • Deadline: April 15, 2017

Oregon

  • State tax benefit: Contributions and rollover contributions up to $2,310 (for 2016) for a single return and up to $4,620 for a joint return are deductible from Oregon state income tax.
  • Contributions must be made to an Oregon 529 plan in order to qualify
  • Deadline: April 15, 2017

South Carolina

  • Contributions and rollover contributions are fully deductible from South Carolina state income tax.
  • Contributions must be made to a South Carolina 529 plan in order to qualify
  • Deadline: April 18, 2017

    Wisconsin

    • State tax benefit: Contributions and the principal portion of rollover contributions to in-state or out-of-state 529 plans up to $3,100 per beneficiary per year ($1,550 for those married filing separately or divorced), are deductible from Wisconsin state income tax. The principal portion of contributions above $3,100 may be carried forward until the total amount of contributions has been deducted.
  • Contributions must be made to a Wisconsin 529 plan to qualify.
  • Deadline: April 15, 2017

    RELATED: The 15 lowest-cost 529 plans

  • State income tax deadlines are just around the corner, and if you haven’t filed your return yet you might be wondering if there’s still time to reduce your taxable income. If you have future college tuition to pay, one idea is to make contributions to a 529 plan.

    Currently over 30 states, including the District of Columbia offer a state tax deduction or credit for 529 plan contributions. The majority of these states offer tax benefits to residents who use their home state’s plan, but if you live in Arizona, Kansas, Missouri, Montana or Pennsylvania you can claim a deduction for contributions to any state’s 529 plan.

    Most states have a December contribution deadline to qualify for prior year tax breaks, but here are seven that give you until mid-April. Click on the state’s name to find out more about the plans they offer.

    RELATED: How much is your state’s 529 plan tax benefit really worth?

    Georgia

    • State tax benefit:
    • Contributions and rollover contributions up to $2,000 per beneficiary each year are deductible from Georgia state income tax

    • Contributions must be made to a Georgia 529 plan in order to qualify
    • Deadline: April 15, 2017

    Iowa

    • State tax benefit:
    • Contributions and rollover contributions up to $3,188 for a single return and up to $6,376 for a joint return, each making their own contributions, are deductible from Iowa state income tax. Eligible contributions must be made by the account owner.

    • Contributions must be made to an Iowa 529 plan in order to qualify
    • Deadline: April 30, 2017

    Mississippi

    • State tax benefit:
    • Contributions and rollover contributions up to $10,000 for a single return and up to $20,000 for a joint return are deductible from Mississippi state income tax.

    • Contributions must be made to a Mississippi 529 plan in order to qualify
    • Deadline: April 15, 2017

    Oklahoma

    • State tax benefit:
    • Contributions and rollover contributions up to $10,000 for a single return and up to $20,000 for a joint return are deductible from Oklahoma state income tax, with a five-year carryforward of excess contributions.

    • Contributions must be made to an Oklahoma 529 plan in order to qualify
    • Deadline: April 15, 2017

    Oregon

    • State tax benefit: Contributions and rollover contributions up to $2,310 (for 2016) for a single return and up to $4,620 for a joint return are deductible from Oregon state income tax.
    • Contributions must be made to an Oregon 529 plan in order to qualify
    • Deadline: April 15, 2017

    South Carolina

    • Contributions and rollover contributions are fully deductible from South Carolina state income tax.
  • Contributions must be made to a South Carolina 529 plan in order to qualify
  • Deadline: April 18, 2017

    Wisconsin

    • State tax benefit: Contributions and the principal portion of rollover contributions to in-state or out-of-state 529 plans up to $3,100 per beneficiary per year ($1,550 for those married filing separately or divorced), are deductible from Wisconsin state income tax. The principal portion of contributions above $3,100 may be carried forward until the total amount of contributions has been deducted.
  • Contributions must be made to a Wisconsin 529 plan to qualify.
  • Deadline: April 15, 2017

    RELATED: The 15 lowest-cost 529 plans

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