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Reply to "529 Questions (DC)"
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[quote=Anonymous]The website isn’t entirely clear on a few points. Thanks in advance. Question 1: The limit for DC tax deductibility purposes seems to be $4K per account owner per child. So if I’m reading this right, a married couple with two kids could contribute and deduct from DC taxes a total of $16K per year (2 kids x 2 parents x $4k). Is this right? Question 2: With IRAs you can make a contribution for the prior year up to April 15 of the following year. For example, you can make an 2017 IRA contribution until April 15, 2018. Is this true for 529s? Can I still make a 2017 contribution now? Question 3: Are there any income limits or phaseouts? Do I get the full tax benefit of my contribution regardless of income level? Thanks again.[/quote]
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