Latest / The College Savings Podcast with Fexingo: 529 Plans, Education Funding, and Student Costs
How to Protect Your 529 Plan From State Tax Traps
Most parents assume their home-state 529 plan is the automatic best choice, but a closer look at state tax codes reveals significant traps. We examine why New York and California residents might lose thousands in deductions by sticking with their local plan, and how out-of-state options like Utah or Virginia can offer better investment menus without sacrificing tax benefits. Using specific examples from recent legislative changes, we break down the math behind residency-based credits versus deduction limits, helping you decide if it is time to roll over your funds.
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The skinny
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