|Question: Can I deduct my contributions to my 529 account?|
Section 529 plans, which include college savings plans and prepaid tuition plans, offer several tax and nontax benefits. But unfortunately, a federal income tax deduction is not one of them. You can't claim a federal income tax deduction for contributions you make to your 529 plan. However, certain states offer state income tax deductions for contributions to 529 plans. You should check with your individual 529 plan or your state's taxing authority to determine the tax treatment in your state.
Note: Investors should consider the investment objectives, risks, charges, and expenses associated with 529 plans before investing. More information about 529 plans is available in each issuer's official statement, which should be read carefully before investing. Also, before investing, consider whether your state offers a 529 plan that provides residents with favorable state tax benefits.