529 – Why This Savings Plan May Not Be For You

529 Plans are education savings plans sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code. Contributions to 529 plans are not deductible on your Federal Income Tax Return and many states allow an income tax deduction for contributions. Please note that other states such as California, Delaware, Hawaii, Kentucky, Maine, New Jersey, and North Carolina do not allow for these deductions….

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