This morning on the show, John asked whether a married couple could open up multiple 529 college savings plans for a single child and take several $2,000 deductions on their Georgia state taxes.
The answer is no. Married couples are limited to one $2,000 deduction per beneficiary. But John’s parents could open up a 529 plan for their child and take their own $2,000 deduction. And, if John has six kids, he could open up six 529 accounts (one for each child) and get six $2,000 deductions.
For more details, check out www.savingforcollege.com.
July 20, 2008