Are 529 plans tax deductible in Arkansas?
Contributions to an Arkansas 529 plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly, are deductible in computing Arkansas taxable income, with a four-year carryforward of excess contributions.
What can an Arkansas 529 be used for?
The flexibility to use the funds at any eligible, accredited public or private college, university, or technical school worldwide. Up to a $5,000 Arkansas tax deduction ($10,000 for married couples) Tax-free withdrawals for qualified expenses. Matching grants for Arkansas businesses.
What is the Arkansas tuition savings program?
The Arkansas 529 GIFT Plan is a tax-advantaged savings plan allowing families to make saving for college a reality. Higher education expenses can seem daunting and are often overlooked, but with the Arkansas 529 GIFT Plan, savings can happen incrementally.
How do I donate to a 529 plan?
Contributions to a custodial 529 plan account or to a parent-owned 529 plan will minimize the impact on eligibility for need-based financial aid. Gift contributions can be sent by check to almost any 529 plan. Just make the check payable to the 529 plan and write the beneficiary's name and account number on the check.