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Do contributions to IRC Section 529 college savings and tuition programs qualify as a deduction?

Answer #206 -- ( Published 08/10/2005 09:19 AM | Updated 07/12/2017 10:41 AM )

Do contributions to Internal Revenue Code (IRC) Section 529 college savings and tuition programs qualify as a deduction?

Beginning with tax year 2005, we are limiting the subtraction for contributions made to the "Bright Start" College Savings Pool. You will only be allowed to subtract up to $10,000 in "Bright Start" contributions if you are single and $20,000 if you are married filing a joint return, even if you contributed more. Also beginning with tax year 2005, we will allow you to subtract up to $10,000 in contributions if you are single and $20,000 if you are married filing a joint return if you made to the "College Illinois" Illinois Prepaid Tuition Trust Fund or the "Bright Directions" program during the tax year. However, the total subtraction for contributions made to both college savings plans may not exceed $10,000 for single filers and $20,000 for joint filers per taxpayer. Contributions to any other IRC Section 529 programs may not be deducted.

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