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[quote=Anonymous][quote=Anonymous]I thought you got to deduct whatever you put in from your salary - so if you put in 30K then you can deduct 30K from your salary - is that not the case? Now I am really confused! [/quote] There’s a limit - in Virginia, it’s $4000 per year per 529 account that can be deducted from your taxable income. Any amount over that can be carried forward to the next tax year(s), but you wouldn’t be able to deduct all $30k in one year. [/quote]
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