Hello,
South Carolina's 529 Plan has some tax advantages for contributions that appear to have no income limits. I am putting myself part-time through a college graduate degree program. I'm curious to know if I can put money into the SC 529 plan and then take it out immediately afterwards as a beneficiary. Essentially funneling my tuition through the 529 plan to get the tax credit.
Thanks,
There is no time limit restriction. There is no income limitation. You can be the designated beneficiary of the plan. Contributions are a deduction to taxable income (See line 43 of the SC1040). Qualified distributions are tax-free. Go for it.
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