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Question

529 Plan Contributions

Forum|Forum|5 years ago
March 9, 2021
1 reply
0 views

As a Grandparent contributing to a Grandsons 529 account, do I get a deduction for that?

Employee

No. There is no federal deduction for making a contribution to a 529 plan. Some states allow a deduction on the state return. If your state is one, it will come up in the state interview; usually in the "Here's how (your state) handles income differently" section. Some (I think most) do allow the grandparent to claim the deduction, even if the child-beneficiary is not their dependent. For a list, see:

http://www.savingforcollege.com/compare_529_plans/index.php?page=compare_plan_questions&plan_question_ids[]=437&order_by=plan_question_437