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Reply to "DC 529 plan vs out of state options"
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[quote=Anonymous]I believe you can put multiple years worth of contributions in the 529 plan and "carryforward" the deduction for up to 5 years. i.e. you can put in 2 years worth of contributions in 2014, take the tax deduction for 2 years and remove the funds in 2016 when they vest and transfer them into another 529 plan if you're not happy with the DC plan performance and fees. that way you can get the best of both worlds--tax deduction and higher returns in latter years. [quote] Special Benefits for D.C. Taxpayers Deduct up to $4,000 in Plan contributions from their federal adjusted gross income each year on their D.C. tax return (up to $8,000 for married couples filing jointly if both own accounts). Carry forward as a D.C. income tax deduction any amounts greater than $4,000 contributed to one or more accounts in any tax year. You may carry forward the deduction for up to five years. [/quote] [/quote]
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