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January 2015

Obama’s Proposed Changes to 529 Plans

Part of President Obama’s proposal to “simplify the tax code” includes significant changes to the tax treatment of 529 plans and Coverdell ESA accounts: for new contributions (i.e, after enactment of this proposal, should that happen) distributions would no longer be tax-free, even if they are used for qualified education expenses. The proposal doesn’t just remove benefits; it also expands the…

529 Plan Contributions for 2014

It’s too late, right? Not if you live in Oregon. In Oregon (and several other states) you can make a state-tax-deductible contribution to your 529 plan up until you file your 2014 taxes. If you do make a contribution in the first part of 2015, it’s generally best to take the deduction for 2014. Not only do you get the…