Massachusetts 529 Tax Deduction 2024. Massachusetts residents saving in the u.fund can claim a ma state income tax deduction of up to $1,000 for single filers and up to $2,000 for married persons filing jointly. But because it’s a 529 college savings plan established under section 529 of the internal revenue code, all account holders enjoy some tax benefits.
Major changes to college 529 plans for massachusetts parents. Massachusetts offers a state tax deduction for contributions to a 529 plan of up to $1,000 for single filers and $2,000 for married filing jointly tax filers.
Residents Will Be Able To Deduct Up To $1,000 In Contributions To A Massachusetts Educational Financing Authority (Mefa) U.fund From Their State Income.
The deduction is allowed for interest paid by the taxpayer, up to an annual maximum of $2,500, on a qualified education loan for undergraduate or graduate.
The Following Provisions Are Discussed In This Tir:
That means that if you are an individual who plans.
Any Federal Changes To This Deduction After January 1, 2022 Will Not Be Automatically Adopted.
Images References :
Any Federal Changes To This Deduction After January 1, 2022 Will Not Be Automatically Adopted.
Residents will be able to deduct up to $1,000 in contributions to a massachusetts educational financing authority (mefa) u.fund from their state income.
529 Tax Benefits For Massachusetts Residents.
That is because the massachusetts state income tax rate is a flat 5.1% on wages, interest, dividends and long term capital gains.