SC 529 Plan - PassThru for tax savings?

Aug 10, 2009 1 Replies
C

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,


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A

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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