529 Plan and College Savings

Question: how to claim tax deduction for contributions to the South Carolina FS 529 Plan.?

I researched the law in South Carolina. There is not a general tax return adjustment for the Future Scholar 529 Plan. There is, however, an adjustment(subtraction from income) for payments to the South Carolina Tuition Prepayment Program and payments to the S. Carolina College Investment Program. So, which one of these plans should the deduction be claimed under?

Answer: Payments made to a 529 Plan are not deductable. The money invested is after tax and the earnings are not taxed if spent on qualifed educational expenses.

Homes for sale Elizabeth City NC $249900 3 BRs, 3 BAs

Related posts

• Save For College Ira
• Educational Savings Account Esa
• College Savings Utah
• College Savings Texas
• College Savings Tax Deduction
• College Savings Tax Deductible
• College Savings Tax