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Reply to "Question for DC 529 investors"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]And one small correction: It's not a tax credit, but a deduction: You reduce your taxable income by the amount you contribute each year, by up to $8000 per couple (but I believe it has to be split $4000 per person). Your marginal tax rate is about 9 percent, so you would save 9 percent of $8000, or around $700.[/quote] This is true, it requires two 529 accounts. Open one for each parent and deposit $4,000.[/quote] Correct. But every year, despite putting at least $4k each in our two separate accounts, we still come out better by filing for DC only (not for Federal), as married filing separately, even though that means you can only claim one account and thus just $4000.[/quote] Can't you file as married filing separately on same return and claim both? I guess I've never tried fiddling around with options that involve filing separate returns.[/quote]
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