Reply to 529 question - Maryland. Advice needed!

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[quote=Anonymous][quote=Anonymous]
I'm the PP who said the tax law was confusing. This is the part I find confusing:

"In 2002, the Maryland Attorney General issued an opinion to clarify that the subtraction was $2,500
per year per qualified designated beneficiary without regard to the number of accounts set up for
each investment options. Pursuant to this opinion, the Comptroller adopted Regulation .15 under
COMAR 03.04.02."

The above is from the Comproller of Maryland's website
taxes.marylandtaxes.com/Resource_Library/Tax_Publications/Administrative_Releases/Income_and_Estate_Tax_Releases/ar_it32.pdf

I'm not a lawyer or accountant but to me it sounds like you can only claim $2500 per (child) beneficiary even if you have multiple accounts.  So you could set up 2 accounts per parent or a total of 4 to benefit each child but can't deduct more than $2500 per year.[/quote]

I just read the PDF link and it clearly states that if you file jointly each parent can take $2500 deduction if they have opened separate accounts.  So one kid = 5k in deductions.[/quote]

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