Can I still get a 2013 tax deduction for 529 plan contributions?

Oregon residents who contribute to the Oregon 529 Plan can take a state tax deduction for contributions made up until April 15 (or when you file your taxes, if earlier). If you intend to make a 529 plan contribution in the first quarter of this year and did not contribute the maximum deductible amount ($4,455 for joint filers or $2,225 for single filers), you can deduct that contribution on your 2013 Oregon tax return. Alternatively, if you contributed above the maximum deductible amount in 2013, you can take a deduction for the excess on future years’ tax returns. Consult your tax preparer for details.

Most other states require contributions to be made by December 31 in order to be deductible for that tax year. If you are unsure about your state’s deadline, google “[State] Treasury 529.”

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s