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March 17, 2025
Question

Can I deduct up to $2K for a ma. u.fund 529 plan? I am married filing jointly.

  • March 17, 2025
  • 1 reply
  • 0 views
It is a fidelity sponsored plan.

    1 reply

    DawnC
    Employee
    March 17, 2025

    Individuals can take a deduction for the purchase or contribution to an account in a prepaid tuition program or a college savings program established by the Commonwealth. The deduction is a maximum of $1,000 for a single, married filing separate or head of household return, and $2,000 for couples filing joint returns.

    The deduction is subject to recapture in the taxable year when distributions, or refunds are made from the tuition program for any reason other than:

    * to pay qualified higher education expenses (These are defined by internal Revenue Code section 529(e)(3)
    * the death of the beneficiary
    * disability of the beneficiary
    * receipt of a scholarship for the benefit of the beneficiary

     

    On your MA state return, look for the screen titled Education Expenses.  

     


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