529 state tax deductibility in Arizona
Better late than never. Several months ago, Arizona passed legislation that allows for a state income tax deduction for contributions to Arizona-sponsored 529 plans, starting in 2008. The downside is that it is capped at $750 for individual taxpayers, and $1500 for couples filing jointly. Generally, the amount that is deductible pretty much runs the gamut from no deduction to a maximum equal to the taxpayer's adjusted gross income for the year. Arizona's max falls at the low end of the spectrum, but it's better than zero.
Important note: the deduction is subject to recapture in the event of a non-qualified distribution, which essentially means that the funds are not ultimately used for approved educational purposes.
posted by ChicagoInTheDesert @ 10:45 PM
4 comments
4 Comments:
I'm glad Arizona will offer deductions, but I've heard the fund options are really bad.
Actually, several years ago Arizona added Fidelity as the program manager of a plan that features reasonable expenses and relatively attractive investments. In fact, Savingforcollege.com publishes a ranking of the best performing 529 plans, and Fidelity Arizona was recently ranked #8 in the country: http://www.savingforcollege.com/articles/view.php?id=331 for 1 year performance. Check it out.
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