PA 529 College Savings Program Year-End Announcement
Written by Thomas Butler on December 26, 2014
There’s still time to save!
Last year, Pennsylvanians saved more than $20.5 million on their state income taxes as a result of investing in a 529 plan.
Contributing to your 529 plan by December 31, 2014, is just one of several ways to help reduce your taxes for 2014.
Don’t wait until April to think about tax planning. Now is the time to take advantage of various year-end tax strategies!
Don’t forget: Taxpayers can deduct up to $14,000 per beneficiary in PA 529 contributions made by December 31 from their Pennsylvania taxable income on 2014 state tax returns. Married couples filing jointly can deduct up to $28,000 per beneficiary.(1)
Friends and family can give the gift of education and save on taxes, too. Not only are their contributions Pennsylvania tax deductible, but they may give up to $70,000 ($140,000 for a married couple) without incurring federal gift tax consequences.(2)
To learn more, open an account, or to contribute to an existing account, visit www.PA529.com or call 1-800-440-4000.
– PA 529 College Savings Team
1 Provided each spouse has an income of at least $14,000.
2 Prorated over five years for federal gift tax purposes.