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The following assumptions are made in the above calculations:
State and local taxes:
The 529 State Tax Deduction Calculator is intended to provide an estimate of savings, fees, and tax advantages of 529 plans based on (a) information on 529 Plans provided by Savings For College, LLC, (b) assumptions, some of which may be provided by the user, with regard to the asset based fee percentage and the rate of return on savings, and (c) information provided by the user. These hypothetical scenarios are intended to be an illustration of potential outcomes and are not to be considered advice or recommendations and are not guarantees of future results.
This material does not constitute tax, legal, or accounting advice, and neither John Hancock nor any of its agents, employees, or registered representatives are in the business of offering such advice. It was not intended or written for use and cannot be used by any taxpayer for the purpose of avoiding any IRS penalty. It was written to support the marketing of the transactions or topics it addresses. Comments on taxation are based on John Hancock's understanding of current tax law, which is subject to change. Anyone interested in these transactions or topics should seek advice based on his or her particular circumstances from independent professional advisors.
The 529 State Tax Deduction Calculator is supplied by Invite Education, LLC and Invite Education, LLC does not guarantee the accuracy, suitability or usefulness of these results, and shall not be responsible for any investment or trading decisions, gains or losses, or advice resulting from this analysis.
Please consult investment, tax or legal advisors for qualified professional advice in these areas.
Investing involves risks, including the potential loss of principal.
One of the many important factors to consider when selecting a 529 plan is whether or not your state of residence offers a tax deduction for contributions made to the in-state plan. The 529 state tax deduction calculator helps to quantify the value of the in-state tax deduction.
Your state of residence is used to determine your state tax savings (if any).
This will be used to estimate the future amounts in your 529 savings account.
Your current savings plan will be used to estimate the future amounts in your 529 account.
This, along with your filing status, will be used to determine your state and federal tax savings.