529 Education plan


G

gf

My state of Sc has a 5259 plan that fully deductible. Did I have to
state the plan in 2006 for 2006 write off or can I just start one
prior to filing taxes for 2006?
 
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T

Todd H.

My state of Sc has a 5259 plan that fully deductible. Did I have to
state the plan in 2006 for 2006 write off or can I just start one
prior to filing taxes for 2006?
Check your state's rules. In mine at least, that contribution needed
to be be made by close of calendar year to count for ty2006.
 
R

Robert.FreitasJr

My state of Sc has a 5259 plan that fully deductible. Did I have to
state the plan in 2006 for 2006 write off or can I just start one
prior to filing taxes for 2006?
In order to take a 2006 deduction the plan had to be established on or
before Dec. 31, 2006. The contribution to the plan had to be made
before that date as well. Columbia Management is the sponsor for the
SC 529 plan and you can get more information from their website at
www.futurescholar.com.
 
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R

Robert.FreitasJr

My state of Sc has a 5259 plan that fully deductible. Did I have to
state the plan in 2006 for 2006 write off or can I just start one
prior to filing taxes for 2006?
I would like to correct my earlier post. After just talking to a
representative from Columbia Management they informed me that you have
up to April 17 this year to make a 2006 contribution to the SC 529
plan.
 

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