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Does your son have a 529 Educational Savings Account plan? Did you know that those funds are now eligible to be used to help support his Carson Long education?

The Tax Cuts and Jobs Act of 2017 changes the rules for 529 Educatioinal Savings plans and allows up to $10,000/year to be used for K-12 educational expenses.

Article About Tax Cuts and Jobs Act of 2017 Changes to 529 Education Plans

CLICK HERE for the whole article.

Why Use Your 529 to Support a Carson Long Education?

Some families are concerned that their son will not go to college if he does not enroll in a program like Carson Long's to teach him structure, self-discipline, study habits, and a positive and healthy routine. Using the 529 Educational Savings account can help to ensure that he will make it to college and be successful.

What is the Maximum Amount I Can Contribute to my son's 529 plan?

To avoid federal Gift Tax penalties, a single parent can contribute $14,000/year to the 529, while a married couple can contribute up to $28,000/year. A $70,000 lump sum contribution can be made and spread out throughout 5 years of education. All contributions to a 529 Educational Savings plan are done pre tax, ensuring the most "bang for your buck."

Most States Offer Additional Income Tax Benefits for 529 Plan Contributions

In addition to the above mentioned benefits, all states offer a state income tax benefit for contributions to a 529 plan EXCEPT California, Delaware, Hawaii, Kentucky, Massachusetts, Minnesota, New Jersey, North Carolina, and Tennessee.

Pennsylvania 529 Plan Income Tax Benefits

Contributions to Pennsylvania AND non-Pennsylvania 529 plans of up to the gift-tax annual exclusion amount ($14,000 in 2016) per beneficiary are deductible in computing Pennsylvania taxable income. Spouses filing jointly must each have at least $14,000 in income to claim the maximum $28,000 per-beneficiary deduction. Rollovers from another 529 plan or from qualified U.S. savings bonds are not eligible for the deduction.

CLICK HERE for Information about ALL states that offer income tax benefits for 529 plan contributions.

New York 529 Plan Income Tax Benefits

Contributions to a New York 529 plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly, are deductible in computing New York taxable income. Only contributions made by the account owner, or if filing jointly, by the account owner's spouse, are deductible. Contribution deadline is December 31 postmark.

CLICK HERE for Information about ALL states that offer income tax benefits for 529 plan contributions.


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Carson Long Military Academy
200 North Carlisle Street New Bloomfield, PA 17068

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