Saving for College: 529's and Education IRA's

[disneysteve]

Originally Posted by HiImSeth

So, if I were to be living in Oklahoma, but contributing through payroll deduction to the CollegeBoundFund (RI's 529) - do you know if this would this be deductible? I was just not sure if the 23 states you were referring to meant you had to invest in your own states 529 plan or could do so elsewhere and still enjoy the tax deduction.

Thanks!

I believe the deductions only apply if you are contributing to the plan in your own state. Oklahoma does give a deduction for up to $10,000/year.

[TBH]

Originally Posted by disneysteve

I believe the deductions only apply if you are contributing to the plan in your own state. Oklahoma does give a deduction for up to $10,000/year.

Depends on the state's tax laws. Pennsylvania just enacted a law in 2006 that makes contributions to ANY state plan deductable on your PA state taxes. Before that, even contribs to your PA state plan weren't deductible.