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Louisiana 529 Tax Deduction Limits
Posted on 3/28/23 at 6:24 am
Posted on 3/28/23 at 6:24 am
2 kids - max both 529 to state tax limit, $4800 per kid for married couple. Started first 5 years ago. I know you can carry your deduction forward if you go past this year's limit. Do they raise the deduction limit very often? Figure with inflation they will eventually but unsure if this is a common thing.
Assume some will say, why will they b/c it reduces the states tax roll
Assume some will say, why will they b/c it reduces the states tax roll
Posted on 3/28/23 at 8:06 am to Stateguy
I don't recall them ever being raised.
Posted on 3/28/23 at 11:25 am to Stateguy
quote:
Do they raise the deduction limit very often? Figure with inflation they will eventually but unsure if this is a common thing.
I've never seen it raised. Maybe it was at some point but it's been a while. There is no "automatic" raise based on inflation like we have with 401(k) limits, etc.
Posted on 3/28/23 at 7:32 pm to LSUFanHouston
quote:
There is no "automatic" raise based on inflation
didn't think there was something like this, just assumed at some point it would happen. Maybe wishful thinking, oh well.
Posted on 3/29/23 at 9:16 am to Stateguy
The limits are set by statute. Either they forget to put an inflation kicker, or they did it intentionally. It would take action from the lege to raise it.
Without TOPS reform, I doubt you will see an increase in START limits. Both are primarily used by higher income folks, which doesn't play well with JBE.
Without TOPS reform, I doubt you will see an increase in START limits. Both are primarily used by higher income folks, which doesn't play well with JBE.
This post was edited on 3/29/23 at 9:17 am
Posted on 3/29/23 at 9:03 pm to UpstairsComputer
quote:
I don't recall them ever being raised.
Price of college goes up exponentially but your tax deduction certainly doesn’t. Weird.
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