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Who can deduct 529 contributions. Can grandparents deduct…

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Who can deduct 529 contributions

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Can grandparents deduct 529 contributions

Submitted: 3 months ago.Category: Tax
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12/28/2017
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 3 months ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,143
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Welcome to JustAnswer!

My name is***** will assist you today.

529 contributions deduction varies from state to state. The person who contributes the money is the person who is able to use the deduction. This does include grandparents if the grandparent contributes to the 529 plan.

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 3 months ago

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,980
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name's***** have a different answer.

...

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, anMBA in finance, aBBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986

...

grandparents can claim the deduction for contributing to a 529 if they live in one of the 34 states that offer a state income tax deduction for 529 college-savings plan contributions. The only question is whether you must own the account or whether you can contribute to one set up by, say, the child's parents.

...

About two-thirds of the states that offer a state income tax deduction for 529 college-savings plan contributions let anyone who is a resident of that state take a deduction, even if you don't own the account -- whether you're a parent, relative or friend. The remaining states let you deduct contributions only if you're the account owner.

...

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

Here's the complete list of all states' plans and who can deduct.

...

http://www.savingforcollege.com/compare_529_plans/?plan_question_ids[]=437&page=compare_plan_questions

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