Is contibution to 529 collage fund can be deducted from anoual income for any year?

Not on your federal tax return. Some states allow you to subtract a certain amount per child on your state tax return. Check the state instruction booklet to see if your state allows such a subtraction.

The only amount that can be deducted from income is a small amount on the state tax of the state you live in. And in order to get this deduction, you have to participate in the plan sponsored by your state. So if you live in Maryland and contribute to the T Rowe Price, you can deduct $2000 from your state income tax. But you have to take the deduction in the year you contributed.

Tags

　　Investment Account 　　Invest Money 　　Invest in Gold 　　Invest Fund 　　Income Fund 　　HYIP 　　High Yield 　　Hedge Fund

Related information

What is to days nav for petro growth and petro income shares Of unit trust mutual fund of India?

visit UTI site check link ...

Is there any chance to include the profit gained in Mutual Fund can be covered under income tax?

Hi, If you have book profit with in one year ( 365 Days) of investment then you have to pay Short Term Capital Gain Tax that is 10%, If you have booked profit after 1 year( 365 Days) of Inves...

What are the pros and cons of investing in a global equity fund?

Income trusts are great, just remember the taxes you have to pay on the dividends unless you have it set up in your rrsp. For the short term I would suggest possibly a basket of small cap oil &...

What is the limit income for the tax year 2005 to be able to fund a roth ira?

If you file your taxes either Single or Head of Household, you can earn up to $95,000 and still make a full contribution ($4,000 in 2005 and 2006. If you are 50 or over, don't forget the catch...

What do you do if you contributed to a mutual fund under a Roth IRA but find your income exceeded Roth lmts?

Transfer it to a regular IRA, adjusting for gain or loss on the money. This happened to me the second year or so and it was a huge pain because I traded in a lot of mutual funds and a few stocks. ...

How do you handle the income tax reporting when you have purchased a mutual fund over various periods and sold

You need to know about the "FIFO" Rule. "First In, First Out" is the way you know which shares you sold. For example, if you purchased 100 shares of ABC in October, and 200 shar...

Best income funds or income sources?

I have to agree with others who answered this question. Cut your expenses if you don't have enough money. Spend what you have wisely. Still if you have savings and want to generate a strong i...

How much average return from Money market fund, mutualfund, and balance fund...?

Hi, You can always depend on mutual funds if you want to be bit safer. You can visit ...