What can be better than lowering your taxes? With a 529 plan, you have no Federal tax obligation once your money’s invested in your account. But the best part is that your earnings grow Federally tax-deferred, qualified withdrawals are tax-free, and in some states have other tax benefits as well.
1. Deduction. For instance, in New York up to $10,000 is deductible from the state taxable income for married couples filing jointly; single taxpayers can deduct up to $5,000 annually. (This may be subject to recapture in certain circumstances such as rollovers to another state’s 529 plan or nonqualified withdrawals).
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