529 Tax Deductions by State

A 529 is a savings plan designed primarily for a child’s future educational expenses. 529’s are not subject to federal taxes on earnings or withdrawals. The map below portrays each state’s maximum tax deduction. The amount of income an individual can remove from taxation depends on how much money that person contributed to the 529 account.

Map of Deductions on Education Data Initiative

* These states offer tax credits instead of deductions.

529 Tax Deduction Amounts by State
State Single-filer Deduction
Alabama $5,000
Alaska N/A
Arizona $2,000
Arkansas $5,000
California N/A
Colorado 100% of contribution made
Connecticut $5,000
Delaware N/A
Florida N/A
Georgia $4,000
Hawaii N/A
Idaho $6,000
Illinois $10,000
Indiana $500 tax credit
Iowa $3,474 
Kansas $3,000
Kentucky N/A
Louisiana $2,400
Maine N/A
Maryland $2,500
Massachusetts $1,000
Michigan $5,000
Minnesota $1,500 deduction or $500 tax credit
Mississippi $10,000
Missouri $8,000
Montana $3,000
Nebraska $5,000
Nevada N/A
New Hampshire N/A
New Jersey $10,000
New Mexico 100% of contribution made
New York $5,000
North Carolina N/A
North Dakota $5,000
Ohio $4,000
Oklahoma $10,000
Oregon $150 tax credit
Pennsylvania $15,000
Rhode Island $500
South Carolina 100% of contribution made
South Dakota N/A
Tennessee N/A
Texas N/A
Utah $2,070 deductible or $102 tax credit
Vermont $250 tax credit for the first $2,500 contributed
Virginia $4,000
Washington N/A
West Virginia 100% of contribution made
Wisconsin $3,380 
Wyoming N/A

Alabama Tax Deductions

Alabama’s 529 plan includes a Visa Rewards program that reinvests rewards earned through the Visa card back into the 529 plan. 529 accounts enjoy fewer overall restrictions compared to ESA accounts, Mutual Funds, and Uniform Gifts to Minor Act accounts.

  • Single filers can deduct up to $5,000 per beneficiary from a 529 plan.
  • Joint filers can deduct up to $10,000 per beneficiary from a 529 plan.
  • The account owner may also contribute up to $75,000 in a single year without facing gift tax consequences so long as no contributions are made in the succeeding 4 years.
  • For joint filers contributing 5 years worth of payment in 1 year, the deductible is $150,000.
  • Based on a monthly expenditure of $1,500 per month, an account owner could earn up to $275.22 in Visa rewards for their 529 account.
  • The maximum account balance for an Alabama 529 plan is $500,000.

For more information on Alabama 529 plans, click here

Alaska Tax Deductions

Alaska has no state income tax – no tax deductions are applicable. The maximum account balance for an Alaskan 529 plan is $475,000.

For more information on Alaskan 529 plans, click here

Arizona Tax Deductions

Arizona’s 529 plans are managed by Fidelity Investments and Ivy Investments. Fidelity’s 529 plans also offer a Visa rewards card.

  • Single filers can deduct up to $2,000 from contributions made to the 529 plan.
  • Joint filers can deduct up to $4,000 from contributions made to the 529 plan.
  • The account owner may also contribute up to $75,000 in a single year without facing gift tax consequences so long as no contributions are made in the succeeding 4 years.
  • For joint filers contributing 5 years worth of payment in 1 year, the deductible is $150,000.
  • Fidelity’s card offers unlimited 2% cash back.
  • Every dollar spent equals 2 rewards points under the Visa rewards card.
  • The maximum account balance for an Arizona 529 plan is $519,000.

For more information on Arizona 529 plans, click here

Arkansas Tax Deductions

Arkansas 529 program offers unique rollover deductions if a 529 plan was transferred over from another state. The Arkansas program also offers deductions if an account owner transfers over funds from an Arkansas 529 account into another state’s college savings program.

  • $5,000 deductible for single filers.
  • $10,000 deductible for married spouses filing jointly.
  • Rollovers from another tax-deferred tuition savings program established by another state are eligible for a $7,500 deduction.
  • Joint filers who contributed to a rollover account are eligible for a $15,000 deduction.
  • $3,000 deduction for Arkansas taxpayers who contribute to a tax-deferred tuition savings program in another state.
  • $6,000 for joint filers.
  • The account owner may also contribute up to $75,000 in a single year without facing gift tax consequences so long as no contributions are made in the succeeding 4 years.
  • For joint filers contributing 5 years worth of payment in 1 year, the deductible is $150,000.
  • The maximum account balance for an Arkansas 529 plan is $500,000.

For more information on Arkansas 529 plans, click here

California Tax Deductions

California offers no tax deductions from 529 contributions. The maximum account balance for a California 529 is $529,000.

For more information on California 529 plans, click here

Colorado Tax Deductions

Colorado is one of 4 states that offers a 100% deduction off of contributions made. Every dollar the account owner contributes is tax deductible with no limits. Beginning next year Colorado will introduce a cap on tax deductions from 529’s.

  • Beginning January 1, 2022 single filers are eligible for tax deductions on contributions up to $20,000.
  • Joint couples are eligible for a $30,000 deduction.
  • Colorado allows account owners to directly deposit their state tax refund into a 529 account for a tax deduction next year.
  • The maximum account balance for a Colorado 529 plan is $500,000.

For more information on Colorado 529 plans, click here

Connecticut Tax Deductions

Connecticut’s 529 plan is managed by Fidelity Brokerage Services. There is no mention of a visa savings reward program offered by Fidelity for this state’s 529 program.

  • Single filers can deduct up to $5,000.
  • Joint filers can deduct up to $10,000.
  • The account owner may also contribute up to $75,000 in a single year without facing gift tax consequences so long as no contributions are made in the succeeding 4 years.
  • For joint filers contributing 5 years worth of payment in 1 year, the deductible is $150,000.
  • Account owners can rollover the money saved in the 529 to a Coverdell account, a CHET Direct Plan account, an ABLE Savings account, or a UGMA account.
  • Direct deposit paid into a 529 account is also tax deductible.
  • The maximum account balance for a Connecticut 529 plan is $300,000.

For more information on Connecticut 529 plans, click here

Delaware Tax Deductions

Delaware offers no 529 tax deductions. The maximum account balance for a Delaware 529 plan is $350,000.

For more information on Delaware 529 plans, click here

Florida Tax Deductions

No state income tax – no 529 deductions applicable. The maximum account balance for a Florida 529 plan is $418,000.

For more information on Florida 529 plans, click here

Georgia Tax Deductions

Incoming rollover plans to Georgia 529 plans do not qualify for the state income tax deduction. The contributions must be made to the 529 while it is in Georgia to be eligible for tax deductions.

  • $4,000 deduction for single filers.
  • $8,000 deduction for joint filers.
  • The account owner may also contribute up to $75,000 in a single year without facing gift tax consequences so long as no contributions are made in the succeeding 4 years.
  • For joint filers contributing 5 years worth of payment in 1 year, the deductible is $150,000.
  • Any non-qualified withdrawals as the 529 is rolled over to another state are subject to state income tax if a deduction had previously been taken.
  • The maximum account balance for a Georgia 529 plan is $235,000.

For more information on Georgia 529 plans, click here

Hawaii Tax Deductions

Hawaii offers no 529 tax deductions. The maximum account balance for a Hawaii 529 plan is $305,000.

For more information on Hawaii 529 plans, click here

Idaho Tax Deductions

Apprenticeship programs count as qualified expenses under the 529 program. The standard 5 year deductible for one large lump sum payment applies to the Idaho 529 program.

  • $6,000 deduction for single filers.
  • $12,000 deduction for joint filers.
  • Employers that make direct contributions to employees’ 529 accounts are eligible for a 20% state tax credit.
  • The tax credit for employers is capped at $50 per employee annually.
  • The maximum account balance for an Idaho 529 plan is $500,000.

For more information on Idaho 529 plans, click here

Illinois Tax Deductions

Illinois 529 program allows account owners to deduct the contribution portion of rollovers from another state’s 529 plan. The standard 5 year deductible for one large lump sum payment applies to the Illinois 529 program.

  • $10,000 for individual filers.
  • $20,000 for couples filing jointly.
  • 5.64% of the value of the 529 account is included in the Expected Family Contribution assessment if the beneficiary goes to college in Illinois.
  • The maximum account balance for an Illinois 529 plan is $450,000.

For more information on Illinois 529 plans, click here

Indiana Tax Deductions

Instead of tax deductions, Indiana’s 529 plans offer tax credits. Roughly 3% to 6% of the 529’s account value is counted towards the Estimated Family Contribution for the beneficiaries enrolling in college.

  • The tax credit is equal to 20% of the contribution made.
  • Couples filing jointly can get a maximum state income tax credit of up to $1,000 annually.
  • Single filers can get up to $500 maximum.
  • The account owner may also contribute up to $75,000 in a single year without facing gift tax consequences so long as no contributions are made in the succeeding 4 years.
  • For joint filers contributing 5 years worth of payment in 1 year, the deductible is $150,000.
  • The maximum account balance for an Indiana 529 plan is $450,000.

For more information on Indiana 529 plans, click here

Iowa Tax Deductions

Iowa’s 529 plan uses deduction estimates per beneficiary. The standard 5 year deductible for one large lump sum payment applies to the Iowa 529 program.

  • Deductions up to $3,474 for each beneficiary.
  • Rollovers from 529 plans to ABLE plans will not count as non-qualified withdrawals but will also not be subject to tax deductions if a previous deduction already occurred before the rollover.
  • Under the Iowa 529 plan married couples can file jointly earning up $3,474 each for each account they contribute to.
  • The maximum account balance for an Iowa 529 plan is $450,000.

For more information on Iowa 529 plans, click here

Kansas Tax Deductions

Kansas’ 529 plan, also known as Learning Quest, is managed by American Century Investment Management,Inc. The 529 plan can be used in schools outside the state or abroad.

  • Single filers can deduct up to $3,000 annually.
  • Married filers filing jointly can deduct up to $6,000 annually.
  • The account owner may also contribute up to $75,000 in a single year without facing gift tax consequences so long as no contributions are made in the succeeding 4 years.
  • For joint filers contributing 5 years worth of payment in 1 year, the deductible is $150,000.
  • The maximum account balance for a Kansas 529 plan is $435,000.

For more information on Kansas 529 plans, click here

Kentucky Tax Deductions

Kentucky offers no tax deductions from 529 contributions. The maximum account balance for a Kentucky 529 plan is $435,000.

For more information on Kentucky 529 plans, click here

Louisiana Tax Deductions

The START Saving Program is Louisiana’s general 529 program – the saving accounts accounts for college are specifically named Education Saving Accounts. Any unused portion of a deduction may be carried over to subsequent tax years. The standard 5 year deductible for one large lump sum payment applies to the Louisiana 529 program.

  • Single filers can deduct up to $2,400 annually per beneficiary.
  • Married filers filing jointly can deduct up to $4,800 annually per beneficiary.
  • Louisiana matches 14% of the deposit amounts made annually.
  • The maximum account balance for a Louisiana 529 plan is $500,000.

For more information on Louisiana 529 plans, click here

Maine Tax Deductions

Maine offers no 529 tax deductions. The maximum account balance for a Maine 529 plan is $500,000.

For more information on Maine 529 plans, click here

Maryland Tax Deductions

The Prepaid College Trust, the College Investment Plan plans are the only Maryland 529 plans eligible for tax deductions. The Prepaid College Trust plan pays for the future cost of tuition while the College Investment Plan accrues money through investment strategies.

  • $2,500 deduction per beneficiary for the account holder and any contributors.
  • $5,000 for joint filers.
  • Any amount over the $2,500 limit will be carried over as deductions for next year.
  • Maryland ABLE accounts are savings programs for disabled individuals and disability related expenses – they are also eligible for the same tax deduction amounts.
  • The account owner may also contribute up to $75,000 in a single year without facing gift tax consequences so long as no contributions are made in the succeeding 4 years.
  • For joint filers contributing 5 years worth of payment in 1 year, the deductible is $150,000.
  • The maximum account balance for a Maryland 529 plan is $500,000.

For more information on Maryland 529 plans, click here

Massachusetts Tax Deductions

Massachusetts has a prepaid college tuition plan and a traditional 529 investment plan. Both plans offer tax deductions for single filers and joint filers.

  • Single filers can deduct up to $1,000 annually.
  • Married couples filing jointly can deduct up to $2,000 annually.
  • The prepaid tuition plan counts as no more than 5.6% of aid in the Expected Family Contribution for college.
  • The account owner may also contribute up to $75,000 in a single year without facing gift tax consequences so long as no contributions are made in the succeeding 4 years.
  • For joint filers contributing 5 years worth of payment in 1 year, the deductible is $150,000.
  • The maximum account balance for a Massachusetts 529 plan is $500,000.

For more information on Massachusetts 529 plans, click here

Michigan Tax Deductions

The 529 plan or the Michigan Education Savings Program can be used anywhere nationwide or abroad. Equipment fees for educational purposes may qualify as legitimate withdrawals under the 529 plan.

  • $5,000 deduction for a single filer.
  • $10,000 deduction for joint filers.
  • The account owner may also contribute up to $75,000 in a single year without facing gift tax consequences so long as no contributions are made in the succeeding 4 years.
  • For joint filers contributing 5 years worth of payment in 1 year, the deductible is $150,000.
  • Michigan’s maximum account balance for 529 plans is $500,000.

For more information on Michigan 529 plans, click here

Minnesota Tax Deductions

Minnesota’s 529 plan allows account owners who do not take the tax deduction to instead take tax credit. Rollovers from another 529 account are ineligible for deductions or credit.

  • $1,500 deduction for a single filer.
  • $3,000 deduction if married and filing jointly.
  • Or a maximum credit of $500.
  • The account owner may also contribute up to $75,000 in a single year without facing gift tax consequences so long as no contributions are made in the succeeding 4 years.
  • For joint filers contributing 5 years worth of payment in 1 year, the deductible is $150,000.
  • Minnesota’s maximum account balance for 529 plans is $425,000.

For more information on Minnesota 529 plans, click here

Mississippi Tax Deductions

Both of Mississippi’s college savings plans offer tax breaks. The standard 5 year deductible for one large lump sum payment applies to the Mississippi 529 program.

  • Single filers can deduct up to $10,000 annually.
  • Married couples filing jointly can deduct up to $20,000 annually.
  • Transferring funds from a UGMA/UTMA account to one of Mississippi’s 529 programs may result in tax liability.
  • Mississippi’s maximum account balance for 529 plans is $235,000.

For more information on Mississippi 529 plans, click here

Missouri Tax Deductions

529 plans can be used for k-12 tuition as well as college level expenses. A 529 account can also help with student loan repayment.

  • Single filers can deduct up to $8,000 annually.
  • Married couples filing jointly can deduct up to $16,000 annually.
  • The account owner may also contribute up to $75,000 in a single year without facing gift tax consequences so long as no contributions are made in the succeeding 4 years.
  • For joint filers contributing 5 years worth of payment in 1 year, the deductible is $150,000.
  • Missouri’s maximum account balance for 529 plans is $550,000.

For more information on Missouri 529 plans, click here

Montana Tax Deductions

If the owner of the 529 account is a child, the child must be a Montana resident. The standard 5 year deductible for one large lump sum payment applies to the Montana 529 program.

  • Single filers can deduct up to $3,000 annually.
  • Married couples filing jointly can deduct up to $6,000 annually.
  • Rollovers to another state’s 529 account may be subject to recapture if deductions have already been taken for that year.
  • Montana’s maximum account balance for 529 plans is $396,000.

For more information on Montana 529 plans, click here

Nebraska Tax Deductions

Nebraska offers tax benefits only for people who contribute to Nebraska’s 529 plan and not another state’s 529. Minor owned UGMA/UTMA NEST accounts are also eligible for tax deductions.

  • $5,000 deduction for single filers.
  • $10,000 deduction for couples filing jointly.
  • The account owner may also contribute up to $75,000 in a single year without facing gift tax consequences so long as no contributions are made in the succeeding 4 years.
  • For joint filers contributing 5 years worth of payment in 1 year, the deductible is $150,000.
  • Nebraska’s maximum account balance for 529 plans is $500,000.

For more information on Nebraska 529 plans, click here

Nevada Tax Deductions

No deductions available through the 529 plan. Nevada’s maximum account balance for 529 plans is $500,000.

For more information on Nevada 529 plans, click here

New Hampshire Tax Deductions

No state income tax – no deductions applicable. New Hampshire’s maximum account balance for 529 plans is $500,000.

For more information on New Hampshire 529 plans, click here

New Jersey Tax Deductions

There are no income restrictions related to the 529 plan. The standard 5 year deductible for one large lump sum payment applies to the New Jersey 529 program.

  • Filers may deduct up to $10,000 so long as their gross income is $200,000 or less.
  • Opening an account may make the beneficiary eligible for a $3,000 scholarship at a New Jersey College.
  • The initial deposit into a New Jersey 529 account will be met with a state grant up to $750.
  • New Jersey’s maximum account balance for 529 plans is $305,000.

For more information on New Jersey 529 plans, click here

New Mexico Tax Deductions

New Mexico is one of 4 states where every dollar contributed to a 529 plan is deductible. Roll overs are deductible per beneficiary but not per plan.

  • Contributions used to pay for k-12 tuition are not tax deductible under New Mexico’s 529 plans.
  • Contributions used to pay for student loans or apprenticeship programs may also not be tax deductible.
  • If account funds are used to pay for non-qualified expenses they may be subject to recapture as state taxable income in subsequent years.
  • New Mexico’s maximum account balance for 529 plans is $500,000.

For more information on New Mexico 529 plans, click here

New York Tax Deductions

Rollovers from a New York 529 into another state’s 529 plan are subject to recapture if deductions were previously taken. Withdrawals used to pay for k-12 tuition, apprenticeship programs, or student loans may be subject to recapture as well.

  • $5,000 deduction for single filers.
  • $10,000 deduction for couples filing jointly.
  • The account owner may also contribute up to $75,000 in a single year without facing gift tax consequences so long as no contributions are made in the succeeding 4 years.
  • For joint filers contributing 5 years worth of payment in 1 year, the deductible is $150,000.
  • New York’s maximum account balance for 529 plans is $520,000.

For more information on New York 529 plans, click here

North Carolina Tax Deductions

No 529 deductions available. North Carolina’s maximum account balance for 529 plans is $500,000.

For more information on North Carolina 529 plans, click here

North Dakota Tax Deductions

The standard 5 year deductible for one large lump sum payment applies to the North Dakota 529 program. North Dakota’s 529 also allows the use of 529 assets to pay for k-12 tuition without being subject to recapture.

  • $5,000 deduction for single filers.
  • $10,000 deduction for couples filing jointly.
  • The tax deduction is available only if the contributor is a resident and contributing into an in-state 529 account.
  • North Dakota’s maximum account balance for 529 plans is $269,000.

For more information on North Dakota 529 plans, click here

Ohio Tax Deductions

Ohio’s 529 College Advantage program is slated for higher education expenses including traditional college, graduate school, or trade school. However, k-12 tuition at public or private schools are also an eligible use of funds for Ohio’s 529 program.

  • Up to $4,000 deduction per beneficiary with unlimited carry forward.
  • If the tax filer contributed $8,000 to a beneficiary in one year, they are entitled to another $4,000 deduction the next tax year.
  • 5.64% of the 529’s account value is considered in the Expected Family Contribution assessment.
  • The account owner may also contribute up to $75,000 in a single year without facing gift tax consequences so long as no contributions are made in the succeeding 4 years.
  • For joint filers contributing 5 years worth of payment in 1 year, the deductible is $150,000.
  • Ohio’s maximum account balance for 529 plans is $462,000.

For more information on Ohio 529 plans, click here

Oklahoma Tax Deductions

The standard 5 year deductible for one large lump sum payment applies to Oklahoma’s 529 program. Qualified withdrawals include k-12 tuition and college expenses, withdrawals made by non Oklahoma taxpayers may be subject to recapture of tax deductions.

  • $10,000 deduction for single filers.
  • $20,000 deduction for couples filing jointly.
  • Excess contributions that would result in more deductions can be carried over for the next 5 years.
  • Oklahoma’s maximum account balance for 529 plans is $300,000.

For more information on Oklahoma 529 plans, click here

Oregon Tax Deductions

Oregon’s 529 College Savings Plans offer tax credits in lieu of tax deductions. The higher the filer’s income the more the filer must contribute to receive the tax credit.

  • $150 income tax credit for single filers who make under $30k annually.
  • $300 income tax credit for couples filing jointly who make under $30k annually.
  • For single filers making $30k to $70k annually, they must contribute at least $300 in order to receive $150 tax credit.
  • For joint filers making $30k to $70k annually, they must contribute at least $600 to receive $300 tax credit.
  • Oregon’s maximum account balance for 529 plans is $400,000.

For more information on Oregon 529 plans, click here

Pennsylvania Tax Deductions

The PA529 counts k-12 tuition as well as college level expenses as qualified withdrawals. The standard 5 year deductible for one large lump sum payment applies to the Pennsylvania 529 program.

  • $15,000 deduction for single filers.
  • $30,000 deduction for couples filing jointly.
  • PA529 accounts may be subject to tuition discounts at private colleges both in-state and out of state.
  • The PA529 plan can also be linked to a cash back rewards program.
  • Pennsylvania’s maximum account balance for 529 plans is $511,758.

For more information on Pennsylvania 529 plans, click here

Rhode Island Tax Deductions

An account owner can take a 5 year deductible for one large lump sum payment of $75,000 or $150,000 if filed jointly. Money rolled over into another education savings account out of state is subject to recapture if tax deductions have been taken in Rhode Island.

  • $500 deduction for single filers.
  • $1,000 deduction for couples filing jointly.
  • Excess contributions that would result in more deductions can be carried over to the next year.
  • Rhode Island’s maximum account balance for 529 plans is $500,000.

For more information on Rhode Island 529 plans, click here

South Carolina Tax Deductions

South Carolina is one of 4 states where every dollar contributed to a 529 plan is deductible. 529 accounts can only accept cash contributions – rollovers with physical assets must be liquidated first in order to facilitate transfer.

  • 5.64% of the 529 account balance is factored into determining a college student’s Expected Family Contribution.
  • If a student receives a refund on college expenses paid for with 529 funds, it will not be treated as a non qualified withdrawal if the money is returned to the 529 within 60 days.
  • The account owner may also contribute up to $75,000 in a single year without facing gift tax consequences so long as no contributions are made in the succeeding 4 years.
  • For joint filers contributing 5 years worth of payment in 1 year, the deductible is $150,000.
  • South Carolina’s maximum account balance for 529 plans is $520,000.

For more information on South Carolina 529 plans, click here

South Dakota Tax Deductions

No state income tax – no 529 deductions applicable. South Dakota’s maximum account balance for 529 plans is $350,000.

For more information on South Dakota 529 plans, click here

Tennessee Tax Deductions

No state income tax – no 529 deductions applicable. Tennessee’s maximum account balance for 529 plans is $350,000.

For more information on Tennessee’s 529 plans, click here

Texas Tax Deductions

No 529 deductions available. Texas’ maximum account balance for 529 plans is $500,000.

For more information on Texas’ 529 plans, click here

Utah Tax Deductions

Utah’s 529 plan my529 offers a choice between tax credits or tax deductions. An account owner can take a 5 year deductible for one large lump sum payment of $75,000 or $150,000 if filed jointly.

  • $2,070 tax deduction for single filers.
  • $4,140 tax deduction for joint filers.
  • 4.95% tax credit on contributions of $2,070 for single filers for a maximum of $102
  • 4.95% tax credit on contributions of $4,140 for joint filers for a maximum of $204.
  • Utah’s maximum account balance for 529 plans is $500,000.

For more information on Utah’s 529 plans, click here

Vermont Tax Deductions

A VT529 account owner can take a 5 year deductible for one large lump sum payment of $75,000 or $150,000 if filed jointly. Rollovers from another state’s 529 plan are eligible for tax credit based on the amount contributed, but not the amount the account has earned.

  • For single filers a tax credit up to $250 per beneficiary for the first $2,500 contributed.
  • For joint filers a tax credit up to $500 per beneficiary for the first $5,000 contributed.
  • The state income tax credit is 10% of the first $2,500 contributed or $5,000 for joint filers.
  • Vermont’s maximum account balance for 529 plans is $352,800.

For more information on Vermont’s 529 plans, click here

Virginia Tax Deductions

Virginia’s 529 accounts including their prepaid accounts can be used out of state, in private or public schools, or abroad. A Virginia 529 account owner can take a 5 year deductible for one large lump sum payment of $75,000 or $150,000 if filed jointly.

  • Filers may deduct up to $4,000 annually.
  • Excess contributions that would result in more deductions can be carried over to the next year.
  • a maximum of 5.64% of the 529’s account value may be assessed when calculating a student’s Expected Family Contribution.
  • Virginia’s maximum account balance for 529 plans is $500,000

For more information on Virginia’s 529 plans, click here

Washington Tax Deductions

No state income tax – no deductions applicable. Washington’s maximum account balance for 529 plans is $500,000.

For more information on Washington’s 529 plans, click here

West Virginia Tax Deductions

West Virginia is one of 4 states where every dollar contributed to a 529 plan is deductible. A West Virginia 529 account owner can take a 5 year deductible for one large lump sum payment of $75,000 or $150,000 if filed jointly.

  • Repayment of student loans, k-12 tuition expenses, and apprenticeship program fees are all qualified uses of a West Virginia 529.
  • Any gift contributions returned to the sender are considered non-qualified distributions and may incur a tax penalty.
  • The SMART529 WV Direct is the 529 directly available to West Virginia residents and has no account fees, the other 529’s are available nationwide but require maintenance fees.
  • West Virginia’s maximum account balance for 529 plans is $400,000.

For more information on West Virginia’s 529 plans, click here

Wisconsin Tax Deductions

Qualified withdrawals for a Wisconsin’s 529, Edvest, include higher education expenses, k-12 tuition, apprenticeship program expenses, and loan repayments. The maximum deductible may increase next year due to inflation as it did in 2020.

  • $1,690 deductible per beneficiary if filing alone.
  • $3,380 deductible per beneficiary if married and filing jointly.
  • The account owner may also contribute up to $75,000 in a single year without facing gift tax consequences so long as no contributions are made in the succeeding 4 years.
  • For joint filers contributing 5 years worth of payment in 1 year, the deductible is $150,000.
  • Wisconsin’s maximum account balance for 529 plans is $516,000.

For more information on Wisconsin’s 529 plans, click here

Wyoming

Wyoming does not have a 529 plan.

 

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