Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Can contributions be deducted from income?

contributions deducted income
0
Posted

Can contributions be deducted from income?

0 CommentsAdd a Comment

1 Answer

0

No. Contributions are made with after-tax dollars for federal income tax purposes. Currently, there is no deduction from income for Arizona state income tax, however, if you reside in another state, you should contact your tax advisor to see how your state treats 529 programs.

0 CommentsAdd a Comment

Related Questions

What is your question?

*Sadly, we had to bring back ads too. Hopefully more targeted.

Experts123