What are the deductions for contributions to 529 plans?
A. South Carolina provides deductions for contributions to the South Carolina Tuition Prepayment Program and to the South Carolina College Investment Program (“Future Scholar”). South Carolina does not provide a deduction for contributions to IRC Section 529 plans in general. Any amount which either or both plans allow you to contribute is deductible for the year in which the contribution was made. A contribution to the South Carolina College Investment Program (“Future Scholar”) can be made up until April 15 and claimed for either the current year or the previous year. For more information about the South Carolina Tuition Prepayment Program, please see the information available at www.scgrad.org . For more information about the South Carolina College Investment Program (“Future Scholar”), please see the information available at www.futurescholar.com .
