I have a 529 for my son in New York, but I now live in a different state, can I “roll-over” his account from New York to my new state? I ask because I can get tax breaks on contributions in my new state and I’d hate to keep putting money into the NY account when I could be getting some tax benefit in my new state.
Posts Tagged ‘State’
Tax Tip Series: Georgia State Income Tax Deductions and Credits
21
Apr
The Georgia Department of Revenue offers some interesting tax deductions and tax credits for state residents. GA Sponsored 529 Plans: Contributions to a Georgia sponsored 529 Plan allows for a tax deduction. State residents can deduct up to $2000 per tax year per beneficiary from their state taxes regardless of income. In addition, the beneficiary does not have to be a dependent of the contributor. Taxpayers have until the April tax filing due date (April 17 for 2012) to make contributions for the previous year to receive the state tax deduction. This provides taxpayers a rare opportunity to affect their tax liability for 2011. Georgia Driver Education Tax Credit: The state of Georgia allows taxpayers to take up to a $150 Driver Education tax credit. Credits are a dollar for dollar reduction in your tax liability. This credit can be taken for the amount paid for a dependent minor child to successfully complete a driver’s education course at a private driver training school licensed by the Department of Public Safety. The amount of the credit is $150 or the actual amount paid for the course, whichever is less. Georgia Student Scholarship Organization Tax Credit: Citizens and corporations are eligible to receive a Georgia tax credit for donations to Georgia Student Scholarship Organizations (SSOs). SSOs will provide student scholarships to parents, which will help cover the cost of a private school education for their children in the state of Georgia.
Why not pay for college if a state pays for highschool?
07
Mar
states are required to pay for public schools..economically it just makes sense you make more money with an education, also the state benefits from this, along with your community.
statistics show that with a highschool education you make about 4 times more money than without, and with a college education you make 3 times more money than a highschool education, so like 12 times more than no edcation.
If states pay for school up to highschool, why not pay for college? The only thing i can think of is that a state educated person might leave to another state but from a national perspective barely anyone educated in the united states leaves.
Why waste money on sports stadiums and other investments when you can diretly help a states citizens… also what business investment can pay back for itself 4 times over in about 2 decades almost guranteed?
college costs 20k min 40k max highschool salery 45k college salary 90k through income taxes alone it would pay back for itself in abou 6y?
economically wise its been proven, thats why insurance works…
i agree with these answers…..everyone cant be equal thats communism and we all know how that ends
but why not have the states put a substantial more amount of money in scholarships….which go to the most worth people……there are alot of people out there who work hard, and get good grades…..who cant afford college
even with the people who die, drop out, do drugs, and abuse the system
statistically the idea is still sound
altough it prob wouldn’t work because to ensure rightful use youd prob have to sign some papers saying that you wont leave us….stuff that is kinda illegal…..
If I itemize my federal taxes, what is the affect of gaining a state deduction for a 529 plan?
27
Feb
I realize that not all states allow a state tax deduction, but for those that do what happens to my federal tax bill if I itemize? From what I’ve seen the federal tax bill will go up by an amount smaller than the state benefit, so the net benefit is still positive. If this is true what are the inputs and formula to calculate the federal tax impact.
Would it be a good idea to open State Financial Aid resources to Illegal Immigrant kids attending college?
28
Dec
Think about it!
If a lot of those illegal immigrant children end up getting Bachelor’s or Master’s degrees, it becomes even more painful and costly for the US economy to have them deported.
Their skills and educational investment could quickly be turned into an asset (rather than a liability) if they were amnestied and given a shot at the American Dream.
I think it’s a good idea. They’ll go to college and get degrees and be even more loyal and patriotic to the government that gave them a shot at decent, productive lives.
Is it too late to start a state 529 plan this late into the game?
20
Dec
I’m 18 and plan on going to a community college and I have a part-time job. I will be going to college this fall…
I am open to reason.
I live in Arizina and want to start a 529 College plan for my 6 and 4 year old. Which state offers the best?
03
Sep
529 plan?
Do I pay any state income taxes on a 529 plan withdrawal in another state with no income tax?
04
Aug
If I have a 529 plan from a state with an income tax, and I move to a new state without one and my child attends a school in this new state, do i pay any state taxes for withdrawals?
Will money in a 529 plan grow free of CA state taxes if I invest in an out-of-state plan?
17
Jul
I pay state taxes in both New York and California, and New York’s 529 plan offers deductions for contributions, so I would prefer to invest in New York’s plan. But I want to make sure that California will not then tax the capital gains and dividends that accumulate through the plan. Does anyone know? Thanks!
Tuition hike at State Universities
05
Jul
CITGO Promotes Energy Efficient Lighting and Environmental Protection
In alignment with the social development and energy efficient programs of its ultimate shareholder, Petroleos de Venezuela, S. A. , CITGO Petroleum Corporation has launched the 2011 CITGO-Venezuela Energy Efficient Lighting Program . Â The initiative will provide 500,000 energy efficient compact fluorescent light bulbs to help approximately 50,000 low-income households in 17 U.S. cities save …
Read more on PR Newswire via Yahoo! Finance
Tuition hike at State Universities
The Board of Governors of the Pennsylvania State System of Higher Education (PASSHE) today approved a $436 tuition increase for the 2011-12 academic year. The increase will only partially offset the loss of more than $90 million in state and federal funding PASSHE will receive next year, or approximately $802 per full-time student.
Read more on FOX 43 Harrisburg