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Financial Planning / Tax Strategies
|Subject: 529 Tax Deduction||Date: 3/14/2012 2:18 PM|
|Author: StockGoddess||Number: 115492 of 124942|
DH and I have twins, so we had to open TWO 529 plans to pay for their college expenses (since they'll be in college at the same time and we can't transfer it back and forth)
We want to contribute to get the state tax deduction described here:
What it says is "$5000 per taxpayer, or $10K for a married couple".
Is that $5K per taxpayer, or $5K per taxpayer PER KID? I don't think it's very clear. They never seem to think of things like twins when they write laws...is there somewhere I can find the actual statute? My financial person thought it was "per kid" but this article doesn't say.
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