Complete the following steps to view your results:
Estimate the state tax deduction or credit you may receive for your 529 contribution this year. This is one of many factors to consider when selecting a 529 plan.
Your state of residence is used to determine your state tax deduction (if any).
Your planned contribution amount for this year will be used to estimate the net value of your potential 529 state income tax deduction.
Income and filing status help us estimate tax rates and potential tax benefits.
The following assumptions are made in the above calculations:
The 529 State Tax Deduction Calculator is intended to provide an estimate of the net benefit of a 529 state tax deduction or tax credit in the user’s home state. These hypothetical scenarios are intended to be a general illustration of potential outcomes and are not to be considered advice or recommendations and are not guarantees of future results. The hypothetical results are based on your inputs as well as certain simplifying assumptions.
This tool shows you the estimated state tax benefits assuming qualified higher education expenses. Since it is currently less clear whether account owners can receive a state tax break for K-12 tuition expenses, check the state where you pay state income tax—even if another state sponsors your 529 plan, to find out if you qualify for a state benefit for K-12 tuition. You should consult your tax advisor for further guidance. The calculator assumes that no withdrawals are being made for K-12 expenses.
529 contributions are considered completed gifts. As such, they qualify for the federal annual gift tax exclusion ($15,000 if filing single, $30,000 if filing jointly). With 529 plans, contributions to a beneficiary in amounts up to five times the annual gift tax exclusion, or $75,000 ($150,000 for a married couple), can be made free of gift taxes in one lump sum. Once you make this maximum gift, however, you can't make any other gifts free of taxes to that beneficiary for five years.
The 529 State Tax Deduction Calculator is supplied, maintained, and powered 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.
All investing is subject to risk, including the possible loss of the money invested.
For more information about any 529 college savings plan, contact the plan provider to obtain a program description, which includes disclosure regarding investment objectives, risks, charges, expenses and other information, and read and consider the program description carefully before investing.
If you are not a taxpayer of the state offering the 529 plan, consider before investing whether your or the designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program. This tool isn't intended to constitute, nor does it constitute, tax advice. Please consult your own tax advisor for more information on the tax implications of investing in a 529 plan based on your own particular circumstances.
Please note that some states may offer more than one tax benefit, and as a result you should consult the selected plan's website and your tax professional for details on any tax benefits you may qualify for.
Please note that the information above has been obtained by Invite Education, LLC from publicly available sources, including the plan disclosure documents and plan web sites, and may not be accurate or complete, and it should not be used as a sole basis for any investment decision.
As tax laws change and states adjust their 529 plans frequently, there is no guarantee that the information used in this calculator is accurate or up to date. Invite Education, LLC will update the information periodically, but there is no guarantee that the information above is up to date. Please refer to each 529 plan’s plan disclosure document for the most current and complete information regarding investment objectives, risks, fees and expenses and other information.
The information in this calculator pertains to 529 savings plans, not 529 prepaid tuition plans.
This information does not consider all 529 plans available, is not complete, and does not discuss all aspects of a 529 plan that should be considered before an investor chooses a 529 plan.
The above tool is powered and maintained by Invite Education, LLC and the content is solely maintained by Invite Education, LLC and its suppliers and affiliates.
Investments in 529 college savings plans are neither FDIC insured nor guaranteed and may lose value.
This material is provided for general and educational purposes only, and is not intended to provide legal, tax or investment advice. Contact your attorney or other advisor regarding your specific legal, investment or tax situation.