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Plan Year-End College Savings to Maximize State Tax Benefits

Dec 18

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Wednesday, December 18, 2013  RssIcon

Some states require 529 plan contributions be postmarked by Dec. 31 – but others have different rules.

By REYNA GOBEL December 18, 2013

Every December, Indiana parents Paul and Michelle Dumas contribute to their children's tax-advantaged college investment accounts, known as 529 plans. Other priorities tend to get in the way during the rest of the year. But at the end of the year, the couple remembers that they can't claim the 20 percent income tax credit Indiana offers unless the contribution is made by Dec. 31.

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