What is the Georgia Higher Education Savings (529) Plan deduction?

For tax years beginning on or after January 1, 2007, all taxpayers may now contribute and deduct up to $2,000 on behalf of any beneficiary of a Georgia Higher Education Savings Account regardless of their annual income. Georgia taxpayers are not required to itemize deductions to make this adjustment to income.

Contributions or payments for such taxable years may be made during or after such taxable year but on or before the deadline for making contributions to an individual retirement account under federal law.

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