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Are the contributions tax-deductible for DC income tax purposes?

April 26, 2017contributions dc purposes tax-deductible

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Are the contributions tax-deductible for DC income tax purposes?

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Yes. Each taxpayer who is both an Account Owner and a DC taxpayer can deduct up to $4,000 of contributions to their accounts per year ($8,000 for married couples filing jointly where each taxpayer owns an account) on their DC tax return (Form D-40, line 13).