As we head into the final weeks of 2016, you may be looking for ways to reduce your taxable income. If you’re currently saving for college, you may qualify for a state tax credit or deduction for contributions to a 529 plan. Over 30 states, including the District of Columbia, currently offer this type of perk, and the rules vary by state. The list below includes details about the tax benefits offered, the contribution deadline and the maximum 529 plan balance each state allows. Click on the state’s name to see the plans it offers. Remember, you don’t have to use your home state’s plan and you can use a 529 college savings plan to pay for an eligible institution in any state.
Keep in mind, however, that December 31, 2016 is a Saturday. Your plan may accept electronic contributions on this day, but you may want to confirm the deadline if you’re mailing in a paper check. read more