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Does My State Offer a Tax Break for 529 Contributions?

Many states offer tax credits or deductions based on 529 contributions, but savers should also consider whether the tax advantages are worth going with a specific state's plan.

Adam Zoll: Laura, people who are considering using a 529 plan to save for college, should probably first think about if they have a state income tax deduction in the state where they live, right?

Laura Lutton: Yes, this is an opportunity where you really have to do your homework. There are a lot of factors that you want to consider: How much you're going to save, how much you earn if you're in a state where there's a sliding scale for income tax, and then what the deduction rules are.

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