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  1. #1
    Grandma broke her coccyx! Uncle Rico's Avatar
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    May 8th, 2007
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    North Carolina
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    College Savings 529 Plans
    Most state's have their own 529 college savings plans. You can also pick a state like Utah or Iowa even though you don't live in either state.

    I live in NC and NC has a 529 college savings plan. I can get up to a $5000 (married) state income tax deduction per year for my contributions to the plan.

    The college savings plan in Utah is probably #1 in the country as the best 529 plan followed by the Iowa savings plan based on past performance and low admin fees.

    Not sure whether or not to go with decently managed NC plan and get the tax deduction or go with the Utah or Iowa plans that are well managed and lose out on the tax deduction.

  2. #2
    Full Member
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    December 20th, 2005
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    413
    Well, you do get a federal deduction, not when you contribute, but when you withdraw for a qualified educational expense. Not sure, but when I last checked, the state deductions were limited to use at a college in that state for residents of that state. If that's still the case, then you need to consider where you (or your dependent student) want to go to school.
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