Last Chance for 2008 Tax Deductions
2008 is drawing to a close, which means it’s your last chance to get a tax deduction for 2008 if your state offers an upfront tax benefit for 529 plan contributions.
Many states that have state income taxes offer upfront tax deductions, sometimes equal to the amount of money you contribute to your 529 plan. For example, if you contribute $10,000 this year you may be able to deduct that amount from your income when reporting taxes.
To see which states offer upfront tax deductions for 529 contributions, see the 529s.com state guide.