529 plans for Georgia and taxes

[Scorpius]

How do the 529 plans work now for 2019 and going forward for Georgia? My oldest is starting his first year of college and thankfully I have ~10k in a 529 I setup years back. Unfortunately it's a shocker how much in state is going to cost even though he's qualified for the Zell Miller package.
Obviously I make way more than they think I should as I qualify only to pay them or have him take some loans which he will because I want him to have some skin in this game.
Prior years I could have sworn I saw fed and state deductions for 529 contributions (I have 2 more coming up in 6 more years) but playing around with TurboTax for 2018 it seems that's no longer the case.
So If in February 2020 I fund a 529 with say $15k for the current and the others....is that simply now just money out the door post taxes and no breaks whatsoever?
I also saw some mention for a "Georgia Form IT-QEE-TP1. For more information, refer to O.C.G.A. § 48-7-29.16.F" but looks like it's not for individual kids but rather corporations giving out money.

I need a good tax planner it seems as I really hope to retire the year my last one graduates highschool. (lord help me if I have 10 more yrs of work vs. 5yr 9m 28 days (not that i'm counting).

 

[The Old Jaybird]

Call Clark Howard, he has the skinny on all the 529 plans in every state. Or go to his website.

 

[sparked1]

The 529 deductions are still there. I have been deducting mine for several years and did so for 2018. The max is $4,000 per benificiary for married filing jointly. So if you contribute for 2 kids, you can deduct up to $8k off your STATE income, not federal though. Once you start paying tuition, I recommend you let a pro do your taxes so you don’t miss important education credits. There’s a couple of nice credits once you start paying tuition, books, etc. and you want to make sure you choose the one thats best for your situation.

 

[jeep78]

Are your childeren in the dual enroll program?

You can save some serious coin as the state picks up ALL expenses untill they graduate high school.

 

[Necrosis]

There's a lot of scholarship/grant money out there that he can apply for to offset the cost of school, not to mention a part time job while going to school. Also consider public universities vs private that generally cost at least 3x more, unless you are going to MIT or Stanford a degree is a degree and no one cares where it came from.

 

[Granite3]

GA has a cap on income at which you can deduct 529 plan contributions.

I made above that cap, so we used Clark Howard's site to figure out that Utah has far and above the best return on investment since we got zero for using the average GA plan.

14 years ago set up the first born's and as of now he is covered almost anywhere for 4 years. Masters and Doc if he goes public university. Same for second born at 13 years.

Course, they would make more money if they got an HVAC, Plumbing, or Electrician apprenticeship......

 

[czub]

GA has a cap on income at which you can deduct 529 plan contributions.

Are you sure about this? I can't find any information on income limits related to 529 plan deductions for GA income tax purposes.

 

[Scorpius]

Are your childeren in the dual enroll program?

You can save some serious coin as the state picks up ALL expenses untill they graduate high school.

Yea he’s done several dual enrollment and AP classes in his 11th and 12th grade years. Guess it just gets him through college sooner.


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[jeep78]

Yea he’s done several dual enrollment and AP classes in his 11th and 12th grade years. Guess it just gets him through college sooner.


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Not unusual for a student to get an assoc. degree at the same time he gets his HS diploma

 

[Scorpius]

There's a lot of scholarship/grant money out there that he can apply for to offset the cost of school, not to mention a part time job while going to school. Also consider public universities vs private that generally cost at least 3x more, unless you are going to MIT or Stanford a degree is a degree and no one cares where it came from.

Yea well...not sure whats going on there. My kids are all in private school and for him as a senior they’ve helped them with some site to apply to many grants at once. Not a single hit yet. I’m not as deep in the know as I’m the bread winner so had been hoping between the son and my wife they’d have it all figured out by now. Surprised not a single grant so far. If it’s “needs based” then I’d assume that’s why cause apparently Uncle Sam with the fsfsa stuff thinks I can afford 45k annually for one kid in school. Hell im choking to do half that for three in private school.