Massachusetts 529 Deduction 2024. It essentially enables families to convert leftover 529 funds into retirement. Massachusetts offers a state tax deduction for contributions to a 529 plan of up to $1,000 for single filers and $2,000 for married filing jointly tax filers.
Taxpayers who contribute to a massachusetts educational financing authority (mefa) u. Massachusetts has two programs available:
So, Using Todayโs Limit, It Would Take You 5 Years To Roll Over The Entire $35,000 ($7,000 Per Year Over 5 Years).
While the unused savings do not go back to the account.
Boston โ The Calendar Officially Flipped To 2024 At Midnight On Monday And That Meant A New Tax.
4, 2023 (masslive photo by john l.
Fund 529 College Savings Plan Can Deduct An Equal Amount.
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How Much You Can Contribute To A 529 Plan In 2024.
Any federal changes to this deduction after january 1, 2022 will not be automatically adopted.
There Are No Yearly Contribution Limits To A 529 Plan Like Certain.
While the unused savings do not go back to the account.