Tuesday, November 19, 2013

The North Carolina Tax Deduction for 529 Plan Contributions Expires 12/31/2013

When the new Republican-controlled North Carolina State Legislature overhauled our state's income tax, they removed the deduction for 529 plan contributions after 2013. 

See page 5 of the updated NC 529 Plan Program Description.  However, you still have six weeks to save up to $387 for 2013 contributions ($5,000 contribution for married couple filing jointly in the top income tax bracket).  See how much you can reduce your 2013 North Carolina state income taxes by clicking here.     

See my 529 plan post from last year for more general info on 529 education savings plans.

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