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Any 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
by koolba 1y ago
Any 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.