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March 22, 2007

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For the Michigan 529 Plan that's a pretty great deal with no income limitations for tax deductability.

Of course, if you live in Michigan ... just move to Kalimazoo and your college is paid for.
http://www.kalamazoopublicschools.com/education/dept/dept.php?sectiondetailid=10657

Tim

I just moved from NY State to CT. My 529 is in NY, does that mean I have to move my 529 to CT to realize the deduction?

Aren't most education expenses somehow tax deductible or at least tax advantaged (Think hope scholarship and life time learning credit)

If 529 expenses were also tax deductible, then you'd be deducting twice for the same money.

Truman --

If your deduction was a state tax deduction given by NY because you had a 529 in NY, then you won't get it in CT. I'm not sure whether or not CT offers such a benefit. You can find out at Saving for College.

IANAA --

While there are certainly tax benefits to several college savings/paying opportunities, there are limits on these that usually fall well short of the total cost of funding a college education.

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