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Posted on 2/13/24 at 1:35 pm to JohnnyKilroy
I have zero independent knowledge, but this is listed in the K12 FAQ:
Are there tax advantages to a START K12 account?
Yes, account owners may deposit and claim up to $2,400 for a joint filer and $1,200 for a single filer as a deduction to income on their Louisiana State Income Tax Return. All earnings on the account are tax deferred and if used for tuition expenses at an approved Louisiana school, the earnings are not taxable.
Are there tax advantages to a START K12 account?
Yes, account owners may deposit and claim up to $2,400 for a joint filer and $1,200 for a single filer as a deduction to income on their Louisiana State Income Tax Return. All earnings on the account are tax deferred and if used for tuition expenses at an approved Louisiana school, the earnings are not taxable.
Posted on 2/13/24 at 9:32 pm to JohnnyKilroy
quote:
don’t even think you get the tax break for k12. Correct me if I am wrong.
This.
To avoid the exact scenario the OP is describing - deposit into 529, get immediate tax break and earnings enhancement then withdraw money for school in the spring - neither are available on the K-12 version.
Basically the only benefit of the K-12 version is tax free growth and withdrawal.
ETA - to clarify, you can’t double dip on the tax break. You either get the start deduction or the tuition deduction - not both. If you owe $5,000 in tuition in 3 months, you’re better off just taking the Elementary and Secondary School Tuition Credit and not messing with START.
This post was edited on 2/13/24 at 9:47 pm
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