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What are the income tax benefits of investing in a Pennsylvania 529 GSP account?

April 26, 2017account Benefits gsp Investing Pennsylvania

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What are the income tax benefits of investing in a Pennsylvania 529 GSP account?

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• Earnings grow federal income tax-free – Earnings grow tax-deferred and are free from federal income tax when used for qualified higher education expenses. • Earnings grow state income tax-free – For Pennsylvania taxpayers, earnings grow tax-deferred and are free from Pennsylvania state income tax when used for qualified higher education expenses** More info. • Pennsylvania state income tax-deductible – Pennsylvania taxpayers can deduct up to $13,000 in contributions per beneficiary per year ($26,000 if married filing jointly assuming each spouse had income of at least $13,000) from their Pennsylvania taxable income for the purposes of determining their state income taxes. More info.