The Path2College 529 plan is a great way for families to save for their kids’ or grandkids’ education expenses. Contributions into the plan are not deductible on your federal tax return but you CAN deduct a certain amount on your Georgia state tax return.
The amount you can deduct on your GA state income tax return doubled.
- Single Filers – $2,000 to $4,000
- Joint Filers – $4,000 to $8,000
If the funds are used for qualifying education expenses then the account growth is enjoyed tax free. This means that the earlier you start the better!