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Money and Finances
Reply to "Federal tax question - are we just in the spot that is really painful?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]529 DC for each kid, each parent up to $4k so a total of $16,000. [/quote] But donations to a 529 won't help reduce fed taxes, right? (Not OP, but an interested lurker.) We had a 529 with T. Rowe Price but recently started contributing more to a Virginia one (we live in Fairfax) so we could bring down our state taxes with a deduction. I don't recall any benefit on the federal side, though.... Since we have elementary-age kids, we do max out our FSA dependent care accounts, which at least brings down our taxable income by $5K.[/quote] No federal benefit, AND with reduced state income tax, you may pay higher federal taxes (since you are deducting less state income tax). I still do 529 though.[/quote]
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