Wisconsin governor signs law to extend 529 plan tax deduction benefits
Senate Bill 389, which provides a number of changes to the existing Wisconsin state tax deduction for 529 plan contributions, has been signed into law. Among the changes:For more information, click hereReturn to 529 News center
- All contributions in excess of the maximum limit may be carried forward for an unlimited number of years.
- Any contributor who is a wisconsin tax payer may contribute to any wisconsin 529 plan account and receive an income tax deduction for their contributions, regardless of their relationship to the beneficiary.
- The maximum annual deductible limit will be increased annually to reflect inflation.
- The deadline for making the annual deductible contribution will be extended to April 15th of the following year.
- Deductions taken for contributions and later withdrawn as a non-qualified distribution will be subject to recapture.
- Wisconsin 529 accounts will not be subject to claims by creditors.