Question

donations

Forum|Forum|2 years ago
December 7, 2023
2 replies
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I wish to contribute to a 529 plan for my grandson. Would I qualify for the state of Maine tax benefit if I contribute to the 529 plan opened by my daughter, or do I need to open a separate 529 account with me as the administrator? My daughter and I are both Maine residents?

Employee

See here.

https://www.nextgenforme.com/maine-state-tax-deduction/#:~:text=The%202023%20Maine%20State%20Tax,student%20for%20Maine%20state%20taxpayers.

Employee

Q. Would I qualify for the state of Maine tax benefit if I contribute to the 529 plan opened by my daughter?

A. Yes.

Q. Or do I need to open a separate 529 account with me as the administrator?

A. No.

Reference: see the link. provided by @Bsch4477 , above.

For others reading this, this is true in most other states. But, you should verify your state's rules ahead of time.