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patio11's already saved over $2k apparently, maybe he'll do a more formal write-up at some point. (A couple threads here https://x.com/patio11/status/1977425626
by Jach 1y ago
patio11's already saved over $2k apparently, maybe he'll do a more formal write-up at some point. (A couple threads here https://x.com/patio11/status/1977425626584711668 https://x.com/patio11/status/1977425626584711668 and here https://x.com/patio11/status/1978168404793037087 https://x.com/patio11/status/1978168404793037087 )
- koolba 1y agoAny idea what the actual deduction it supposedly found for private school? You can pay for K-12 with 529 or Coverdell ESA funds. But neither allows deductions for contributions. Only growth in either is tax free (assuming it’s spent on education expenses).
- wrigby 1y agoMany states allow a state tax deduction for 529 contributions, which could net you up to an 8ish% discount if you’re in a high tax locality (e.g. NYC).
- patio11 1y agoSee: https://tax.illinois.gov/individuals/credits/educationexpensecredit.html https://tax.illinois.gov/individuals/credits/educationexpens...
- koolba 1y agoOkay I was thinking only of federal taxes (for which there’s no deduction). Thanks for the detail.
- kccqzy 1y agoI've also saved a bit of money on taxes just by thinking about possible deductions and asking LLMs whether they exist. Of course to actually claim such deductions I need to follow instructions from the IRS/state tax agencies so it's hallucination proof: I'm still manually reading the instructions from the tax agencies to understand how to claim them.
- patio11 1y agoI am quite likely to do a more formal writeup in the next few weeks, unless Zvi beats me to it. (He had, apparently, directionally similar results.)