Does TN have a 529 plan?
The Tennessee Department of Treasury launched TNStars, Tennessee’s own 529 College Savings Program, in order to help more Tennesseans achieve the level of education necessary for a successful career.
Are 529 contributions tax deductible in Tennessee?
No. According to the Tennessee Department of Revenue(DOR), “Tennessee does not offer a tax deduction or credit for distributions from a 529 Plan.”
Do I have to attend a college in Tennessee to use the money I saved in the plan?
The money you save with TNStars College Savings 529 Program does not have to be used at a Tennessee college or university. In fact, TNStars funds may be used at any qualified higher educational institution in the United States or abroad, so long as that institution is willing and able to accept federal financial aid.
Which state has best 529 returns?
South Dakota
Top 10 performing 529 college savings plans
| Rank | State | Performance Score |
|---|---|---|
| 1 | South Dakota | 6.92 |
| 2 | West Virginia | 18.25 |
| 3 | Wisconsin | 22.14 |
| 4 | Georgia | 23.40 |
What are the tax benefits of 529 plan?
Tax-Deferred Growth — Contributions grow free of federal and state income taxes while in the account. Tax-Free 529 Withdrawals — No income tax is paid on the growth of your account when withdrawals are used for qualified expenses. State Tax Deduction — Deduct your contributions from your taxable income.
What are the rules for a 529 plan?
The good news for savers is that 529 plans don’t limit how long money can remain in the account. The only rule is that the account must have a living beneficiary. You can open a 529 plan for a child and keep money in the account until they’re 80 years old or older.
How much can you put in 529 per year?
$529,000
States with the highest aggregate limits
| State | Aggregate limit |
|---|---|
| Missouri | $550,000 |
| New Hampshire | $542,000 |
| California | $529,000 |
| New York, Rhode Island | $520,000 |