Ask questions via Twitter. Tweet any question to @AskFiLife and we will respond with an answer. More.

FiLife - In partnership with The Wall Street Journal

Your Financial LifelineTM

In partnership with The Wall Street Journal
 
 

Disclaimer

FiLife is a great place to get your finances in shape, and the expert advice in the community can help you address specific or general problems. But very often you’ll also need one-on-one advice from a professional, especially since rules and laws maybe specific to your state or country. Remember that investments and other financial transactions come with risk, and you should consult an independent, qualified professional before making financial commitments.

Stop Showing this Message

Question

Jennifer Tse
FiLife Contributor

Jennifer Tse asked 10 months ago in 529 Plans

out of state 529 plans

Hi Mark,

Can I get a tax deduction on out of state plans? How is it different from in state plans?

Was this question interesting?

Yes

(0)

No

(0)

Permalink | Abuse

FiLife Recommends

Answer this Question
  • Share:
  •  

1 Answer

Sort by:
Mark Kantrowitz
FiLife Contributor
Reply

A handful of states provide for tax parity, where you get a state income tax deduction for your contributions to a 529 college savings plan even if it is in a different state. These states include Pennsylvania, Arizona, Maine and Kansas. Other states do not. So if you live in one of those four states you can get a deduction even if you contribute to another state's plan.

Is this helpful?

Yes

(0)

No

(0)

Permalink | Abuse

Answer this Question

Generic User Image

Ask a Question

140 characters

Tips

  • Be specific and clear.
  • Be courteous and thoughtful.
  • Share some details about your situation (age, relationship, etc)

Login or Join

or login with

Ask a Question

140 characters

Expert Partners

Stacker Poll of the Day

What age should you start your child's allowance?

Avg 8.5
 
Avg 8.5
 
248 responses