DC 529 tax benefit - is it $8K/year per family, no matter how many beneficiaries??

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:These "per family" references are a bit misleading.

One person can claim one $4,000 tax benefit so long as the person owns the account. If, in a two-parent household, each parent owns a 529 account, each is entitled to the $4,000 benefit.

One parent cannot own two accounts and then claim an $8,000 tax benefit.

Exactly - thanks for clarifying this.

Unless it is for 2 different children.

If two parents, married, have two kids (4-person family), parent A can deduct up to $4,000 and parent B can deduct up to $4,000.

If two parents, married, have nine kids (11-person family), parent A can deduct up to $4,000 and parent B can deduct up to $4,000.

"DC taxpayers who contribute to the DC College Savings Plan can deduct up to $4,000 in Plan contributions from their federal adjusted gross income each year on their DC tax return (up to $8,000 for married couples filing jointly if both own accounts).""