529 Plan And Child Support Deduction

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529 Plan & Child Support Finance - Zacks

    https://finance.zacks.com/529-plan-child-support-10747.html
    Impact of 529 Plan. Some courts may allow the amount of child support to be deducted for monetary contributions to other aspects of the child's upbringing, but college savings are not usually ...

1040 - 529 Plan Deductions

    https://kb.drakesoftware.com/Site/Browse/15162/1040-529-Plan-Deductions
    529 contributions made during a year are not deductible on the federal return, however, most states allow for a deduction up to a certain limit set by the State DOR. In most cases, contributions over the state deduction limit may be carried forward for deduction in future year’s tax …

Is the 529 limit of $10,000 (for married filing joint) per ...

    https://ttlc.intuit.com/community/taxes/discussion/is-the-529-limit-of-10-000-for-married-filing-joint-per-household-or-per-child-account/00/596040
    Is the 529 limit of $10,000 (for married filing joint) per household or per child account? Turbo Tax is correct. The contributions to a New York 529 plan are up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly.

Tax Benefits of Massachusetts 529 Plans

    https://www.savingforcollege.com/article/tax-benefits-of-massachusetts-529-plans
    Massachusetts 529 plans offer the standard federal and state tax benefits, as well as a state income tax deduction based on contributions to the state’s 529 plan. SavingForCollege. Savings Center ... Track your child’s 529 plan growth and performance.

Can I reduce child supprt by creating a 529 for child ...

    https://www.avvo.com/legal-answers/can-i-reduce-child-supprt-by-creating-a-529-for-ch-774514.html
    A 529 plan goes to college expenses and might reduce your added liability when it is time to consider college but does does not reduce liability for child support for a 15 year old. As a side note, you might need to discuss taking your older children as deductions unless they are students.

The Impact of 529 Plans on Claiming a Dependent

    https://www.savingforcollege.com/articles/the-impact-of-529-plans-on-claiming-a-dependent
    A child that meets the age and relationship tests, but provides more than one-half of his or her own support, cannot be claimed as a dependent. A child that cannot be claimed as a dependent will in most instances be able to claim a personal exemption on his own tax return, as well an education credit or tuition deduction.

529 distributions are considered support from parent or ...

    https://talk.collegeconfidential.com/financial-aid-scholarships/2055228-529-distributions-are-considered-support-from-parent-or-student-from-a-tax-perspective.html
    it is not exactly like this. But lets say 1/3 support comes from custodial parent, 1/3 comes from non-custodial parent through 529 plan, 1/3 comes from student part time job. Nobody actually supports 50%. so nobody can take the exemption. if the 1/3 from non custodial parent 529 plan can be considered student support, then at least the student can.

What Are Pre-Tax and After-Tax Deductions? Finance - Zacks

    https://finance.zacks.com/pretax-aftertax-deductions-2766.html
    Contributions to most employer-sponsored pension and retirement funds are pre-tax deductions. A 529 plan, which is a savings plan for a child's college fund, may be subject to state taxes but not...

Child Support Savings Incentive Program Description

    http://www.dcf.ks.gov/services/CSS/Documents/Child%20Support%20Savings%20Iniative%20Program%20Description.pdf
    taxpayers may also be eligible for a deduction on their Kansas income taxes for deposits into a 529 plan. Contact Information If you have questions about the program, you can contact Child Support Services at (913) 826-7471. If you have questions about Learning Quest you may contact American Century Investments at 1-800-579-2203.



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