DAVID S. BABOIAN, CPA, PC

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2/7/2016

February 07th, 2016

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TAX TIP OF THE DAY...  deduct 529 college plan contributions

PA allows each taxpayer to deduct 529 college plan contributions up to $14k per student each year.  If you want to contribute even more...  double it by having each parent contribute $14k toward the child's 529 account.  The deduction is not limited to your own children.  You can deduct contributions to the 529 accounts of grandchildren, nieces & nephews, neighbors, friends, etc.

OTHER STATE'S 529 PLANS:
The deduction is not limited to the PA TAP program.  You can use contributions to any other state's 529 plan as well.

GRANDPARENTS MAY NOT BE IDEAL CONTRIBUTORS:
Keep in mind that a retired 529 contributor may not have any PA tax liability and therefore would gain no PA tax benefit from a 529 contribution.  So it may be better for a grandparent to gift the funds to their working child...  who could gain a PA tax benefit by contributing the funds to the grandchild's 529 account. 

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If you need a tax appointment... www.baboiancpa.com

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  • Home
  • Services
    • What we do
    • Are we right for you?
    • $99 Jump-start
  • Client zone
    • Individual clients >
      • Identity Theft - IRS Affidavit
      • Personal Financial Statement
    • Business & rental clients >
      • Example expenses
      • Mileage log
      • Petty cash log
      • Sales tax
      • W9 for subcontractor
      • Example Profit & Loss
      • Obamacare Self-employment Ledger
    • Payroll services >
      • Employee paystub portal
      • EMPLOYER set up forms
      • EMPLOYEE set up forms for new hires
    • Web Links
  • About us
    • Contact
    • Our team
    • Dave's resume
    • Dave's bands
    • Haunted Chamber
    • Picture gallery
  • Secure email