Loftis: Contributing to a Future Scholar Plan? It’s Not Too Late to Take a Deduction
March 15, 2017
Wondering if it’s too late to take a tax deduction on money saved in your Future Scholar College Savings Plan? It’s not.
If you file a South Carolina state tax return, you can still get a tax break on your 2016 taxes for any contributions made to your Future Scholar account through April 18.
In fact, while numerous states offer a 529 plan, which allows money in an account to grow free from federal and state income taxes, South Carolina is one of only a handful of states that also gives residents until the tax day deadline to take a deduction on any contributions made during this time.
That’s why South Carolina’s 529 plan consistently ranks high among financial writers and experts such as those at Morningstar, The Wall Street Journal and Forbes.
“With so many tax advantages it’s easy to see why parents, grandparents and many others are using a Future Scholar College Savings Plan to save for a loved one’s future,” South Carolina Treasurer Curtis Loftis said. “It truly is the smart, easy way to save for college.”
To find out more read on: States where you can claim a prior-year 529 plan tax deduction.