SC 529 Plan - PassThru for tax savings?

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Subject Author Date SC 529 Plan - PassThru for tax savings? Chu 08-10-2009  Re: SC 529 Plan - PassThru for tax savings? Alan 08-10-2009
Posted by Chu on August 10, 2009, 3:05 pm Please log in for more thread options Hello, South Carolina's 529 Plan has some tax advantages for contributions that appear to have no income limits. I am putting myself part-time through a college graduate degree program. I'm curious to know if I can put money into the SC 529 plan and then take it out immediately afterwards as a beneficiary. Essentially funneling my tuition through the 529 plan to get the tax credit. Thanks, -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Alan on August 10, 2009, 4:50 pm Please log in for more thread options Chu wrote: > Hello, > > South Carolina's 529 Plan has some tax advantages for contributions > that appear to have no income limits. I am putting myself part-time > through a college graduate degree program. I'm curious to know if I > can put money into the SC 529 plan and then take it out immediately > afterwards as a beneficiary. Essentially funneling my tuition through > the 529 plan to get the tax credit. > > Thanks, > There is no time limit restriction. There is no income limitation. You can be the designated beneficiary of the plan. Contributions are a deduction to taxable income (See line 43 of the SC1040). Qualified distributions are tax-free. Go for it. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted Health Savings Account and Second Payer Health Plan May 8, 2008, 4:25 pm Deferral Limits - participant in both SIMPLE plan and 403(b) plan December 16, 2006, 8:45 pm Savings Bonds December 12, 2006, 2:34 am Talking to my son about savings June 6, 2007, 4:39 pm Health Savings Account February 25, 2007, 5:00 am Tax savings with purchasing a house June 20, 2008, 3:57 am question about Savings Bonds September 15, 2009, 9:12 pm Grandchildren's savings accounts October 3, 2009, 6:03 pm Health Savings Account contributions September 8, 2007, 12:26 am Thrift Savings - Alabama Income Tax February 12, 2008, 7:40 pm