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2019•SSRN Electronic JournalOpen access

Tax Deductions v. Tax-Free Growth: A Closer Look at 529 College Savings Plans Under the TCJA

Ross Riskin

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Abstract

Now that investors can receive preferential federal income tax treatment when using 529 college savings plans to pay for qualified K-12 tuition expenses under the Tax Cuts and Jobs Act of 2017 (TCJA), it is important to determine whether the value of receiving and investing state income tax deductions provided for qualifying contributions made to this education savings vehicle is more beneficial than the value associated with tax-free growth, given the potential for shortened education planning time horizons.

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What this paper is about

Now that investors can receive preferential federal income tax treatment when using 529 college savings plans to pay for qualified K-12 tuition expenses under the Tax Cuts and Jobs Act of 2017 (TCJA), it is important to determine whether the value of receiving and investing state income tax deductions provided for qualifying contributions made to this education savings vehicle is more beneficial than the value associated with tax-free growth, given the potential for shortened education planning time horizons.

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Available abstract

Now that investors can receive preferential federal income tax treatment when using 529 college savings plans to pay for qualified K-12 tuition expenses under the Tax Cuts and Jobs Act of 2017 (TCJA), it is important to determine whether the value of receiving and investing state income tax deductions provided for qualifying contributions made to this education savings vehicle is more beneficial than the value associated with tax-free growth, given the potential for shortened education planning time horizons.

Key concepts: Tax deduction, Economics, Labour economics, Value-added tax, State income tax, Tax credit, Income tax, Tax reform

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