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Take advantage of Arizona tax advantages based on contributions to the Bank Plan! Arizona taxpayers are eligible for a $2,000 deduction to gross income per taxpayer, or $4,000 for those married, filing jointly based on contributions to the Bank Plan. Also, Arizonans enjoy a high maximum contribution limit of $505,000 per beneficiary, effective October 1, 2020.
Remember, in order to take advantage of this year's Arizona state income tax deduction, your contribution check must be postmarked by December 31. If you choose to contribute by electronic bank transfer, your online request must be submitted by 11:59 p.m., Eastern Time, on December 31, to receive the deduction for the current tax year. Electronic bank transfers are the quickest and most efficient way to make a contribution. You may take advantage by making a secure deposit online today.
Montana taxpayers are entitled to a $3,000 deduction to gross income per taxpayer, or $6,000 for those married, filing jointly based on contributions to the Montana Family Education Savings Program—Bank Plan. Funds are subject to recapture if withdrawn from the Program within three years.
NexBank and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.