Navigating the Rockies of Tax Benefits: Colorado's 529 Plans
CollegeInvest 529s for Financial Professionals
Expert advice on college saving strategies.
Colorado residents can enjoy state income tax deductions on contributions made to Colorado's 529 plans.
State Tax Deductions: The state tax deduction for 2023 is currently $31,000 for joint filers and $20,700 for single filers. This is the highest deduction amount for any state in the country. It's a powerful incentive that not only helps families save for education but also reduces their annual tax bill. Not to mention that the earnings grow tax free. ?
How it Works: When your Colorado based client contributes to a Colorado 529 plan, they can deduct the amount of their contributions from their Colorado taxable income. This means lower state income taxes for them while securing your client’s children and grandchildren’s educational future.
With a wide range of investment options, low fees, and the bonus of tax deductions, it's a smart financial move for parents, grandparents, and anyone looking to invest in education.
Contact Us: If you have any questions on state tax deductions or you would like to know more about the benefits of Colorado’s 529 plans please call (303) 376-8839.
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