Starting a 529

[Captain FIRE]

My state offers a state tax deduction, up to $1000.  Can my husband and I set up one plan to get the deduction for our kid (putting in $2k) or do we need to set up two separate 529s with $1k each?

[nobody123]

My state offers a state tax deduction, up to $1000.  Can my husband and I set up one plan to get the deduction for our kid (putting in $2k) or do we need to set up two separate 529s with $1k each?

It depends on your state and its rules.  My state lets you deduct $2K/beneficiary/year with unlimited carryover regardless of filing status.  So even if wife and I opened two 529s for one of our kids, we could only deduct $2K total, not $4K.

[NeonPegasus]

In GA, the deduction is per kid and based on your filing status. Check your state rules.

[Captain FIRE]

It allows deducting $2k per married couple filing jointly - I just didn't know whether that meant we could have only one plan rather than two.

[NeonPegasus]

It allows deducting $2k per married couple filing jointly - I just didn't know whether that meant we could have only one plan rather than two.

If they say $2k per mfj, then you can put that amount in one plan. There's no need for two plans for the same kid.

[Captain FIRE]

Great, thanks!