Reply to Which 529 plan do you have your kids in? How much do you contribute per year?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We put $4,000 in the DC 529 plan in the index fund and then anything else we can contribute that year into a second account in Utah.

There was some older thread claiming you can do the multiple-accounts-per-parent-per-child thing in DC, and I have confirmed with the DC government that you cannot. You can claim a total $8,000 deduction if each parent creates a $4,000 account for a different child.[/quote]

What if two parents create separate accounts for the same child ($4000 each)?[/quote]

They didn't give me a straight answer on that, but the way I read the rule, it is allowable. The way DC describes the tax break is:

"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)."

Since there's no prohibition on two different people owning an account with the same beneficiary, the beneficiary does not appear to be relevant under the rule.[/quote]

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