ilmscore | Prediction Details
"if you have children you have until december 31st to put money into a 529 plan for your children's education which will provide you a tax deduction in your state and in most income tax-paying states the benefits of a 529 plan are you receive a tax deduction for putting away money into that plan the earnings in that plan will grow tax-free and all the earnings will be tax-free if those funds are used for qualifying education expenses please keep in mind that some states they don't charge their residents income taxes so the tax deduction in that scenario would be a moot point however you would still get the benefit of tax-free growth and earnings which would compound significantly especially if you start the plan at a very early age for your child"
By ClearValue Tax | November 29, 2020 | Pending
From video
9 Tax Hacks To Maximize Your Refund! 00:05:03 - 00:05:58
Interpreted Prediction
By December 31st, contributions to a 529 plan for children's education will provide a state tax deduction and tax-free growth on earnings, which can be used for qualifying education expenses. Even in states with no income tax, the benefit of tax-free growth remains.

Prediction Details

Topic
529 Plan Contributions

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