529 Plan Contribution Dates

#5 01-22-2006, 11:54 AM

p3tki[at]aol.com wrote:

- quote -

> Exactly. In Maryland, you can deduct 529 contributions off
> you MD State Income. So I was wondering if I started a 529
> today, if I could reduce my 2005 MD tax liability.

No, the deposit needed to have been made by the end of the
calendar year.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

#4 01-22-2006, 11:54 AM

p3tki[at]aol.com wrote:

- quote -

> Exactly. In Maryland, you can deduct 529 contributions off
> you MD State Income. So I was wondering if I started a 529
> today, if I could reduce my 2005 MD tax liability.

No, the deposit needed to have been made by the end of the
calendar year.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

#3 01-20-2006, 11:13 PM

Exactly. In Maryland, you can deduct 529 contributions off
you MD State Income. So I was wondering if I started a 529
today, if I could reduce my 2005 MD tax liability.

thanks,

ted

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

#2 01-19-2006, 02:30 AM

"Herb Smith" <smithff33[at]aol.com> wrote:
- quote -

> p3tki[at]aol.com wrote:

> > Can you still contribute (up to April 15th) to a 529 Plan
> > for last year or do 529 contributions have to be completed
> > in the tax year? That is to ask, is a 529 like an IRA for
> > contribution purposes?

> It doesn't matter either way. 529 contributions receive no
> federal tax benefit until withdrawn.

But in NY (and perhaps other states) you get a NYS tax
deduction for funds contributed to the NY 529 Plan (and
perhaps non-NY 529 Plans but I am not sure about this.)

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

#1 01-17-2006, 02:08 AM

p3tki[at]aol.com wrote:

- quote -

> Can you still contribute (up to April 15th) to a 529 Plan
> for last year or do 529 contributions have to be completed
> in the tax year? That is to ask, is a 529 like an IRA for
> contribution purposes?

401(k) and 529 deposits must be made by year end. IRA and
Coverdell Education Accounts have an April 15 (well, April
17th this year, 2006) deadline.

As the deposit to the 529 is not deductible against income,
the limits you need to be aware of, are the $12,000 gift
exclusion per recipient, and that for the 529 you are
permitted to gift up to 4 years in advance (i.e. you may
deposit $60K in 2006) without having to pay a gift tax. A
couple has twice this amount as a limit.

JOE

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

01-16-2006, 04:13 AM

p3tki[at]aol.com wrote:

- quote -

> Can you still contribute (up to April 15th) to a 529 Plan
> for last year or do 529 contributions have to be completed
> in the tax year? That is to ask, is a 529 like an IRA for
> contribution purposes?

It doesn't matter either way. 529 contributions receive no
federal tax benefit until withdrawn.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

#-1 01-15-2006, 08:05 PM

Can you still contribute (up to April 15th) to a 529 Plan
for last year or do 529 contributions have to be completed
in the tax year? That is to ask, is a 529 like an IRA for
contribution purposes?

thanks,

tk

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

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