Maryland529
How Maryland's 529 income subtraction works per beneficiary, the 10-year carryforward, the State contribution catch, and a calculator.
Maryland529 subtraction calculator
Maryland529 state income subtraction
If you're the account owner or a contributor to a Maryland 529 College Investment Plan account, you can subtract up to $2,500 per beneficiary from your Maryland income for contributions made that calendar year. Anything above $2,500 per beneficiary carries forward for up to the next 10 years: $27,500 contributed in year 1 can be subtracted at $2,500 a year in years 1 through 11. Any Maryland taxpayer who contributes, including grandparents and friends, gets their own subtraction.
The saving is your Maryland state rate plus your county rate. Note: in a year you receive a State contribution for any Investment Plan account, you can't take the subtraction for contributions to that or any other Investment Plan account. You must still be a Maryland taxpayer to keep claiming carryforwards. Project growth with the 529 calculator.
Common questions
How much can I deduct for Maryland529?
Up to $2,500 per beneficiary per year, with any excess carried forward for up to 10 years.
Can grandparents deduct Maryland529 contributions?
Yes, any Maryland taxpayer who contributes can take the subtraction.
What if I get a Maryland State contribution?
You can't take the subtraction for Investment Plan contributions that year.
Sources
More savings and interest calculators: Indiana529 · Iowa529 (ISave 529) · NY529
Related
General information, not financial, tax or legal advice. Check important numbers with the official source before acting on them.