SC Touted as One of 7 States Offering ‘Last Minute Tax Breaks’ to Those Who Contribute to a College Savings Plan
Monday, March 6, 2017
Did you know you can still get a deduction on your South Carolina state tax return for contributions made to a Future Scholar College Savings Plan?
It’s true. In fact, South Carolina was recently touted in a recent Forbes article as one of seven states where you can still make a contribution to the state administered 529 plan – Future Scholar - and claim a deduction for the prior tax year, up until you file your tax return.
Yes, you read that correctly. You have until April 18 to contribute and still get a break on your 2016 tax bill if you file a South Carolina tax return.
“This is one of our busiest times for contributions,” South Carolina Treasurer Curtis Loftis was quoted as saying in the Forbes piece.
As Loftis went on to say, a lot of it has to do with the flexibility of looking back. “I can see what my tax refund is going to be, and I’ll contribute that,” he said of investors.
South Carolina was also recently listed in Forbes’ “Guide to the Best 529 Plans” which was mentioned in the same article. The guide showed that South Carolina was one of the states where investors can “get the best deal locally” and is among the states that are hospitable to 529 money.
“It’s what we’ve been saying all along,” Loftis added. “Future Scholar really is the smart, easy way to save for college.”
To read more on “Last Minute Tax Breaks For College Savings” or the “Guide to the Best 529 Plans” visit www.forbes.com/sites/ashleaebeling/2017/03/03/last-minute-tax-breaks-for-college-savings/#a037afc4f83f