13 Mar Who qualifies for tax deductions for the NJBest 529 plan?

Q. Who qualifies for tax deductions for the NJBest 529 plan?
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A. It’s a great question.

It’s only been a few years that there was a deduction available for NJBest contributions.

The maximum deduction is $10,000, whether single, head of household, married filing jointly or married filing separately, the state Treasury Department said.

It said the maximum deduction per account, the agency said.

The income limit to take the deduction is $200,000 to take the deduction. It’s the same for all filing statuses, the Treasury Department.

But whether or not the deduction is worth it is something to consider. Many financial advisors have said people should consider other 529 plans too. You may not get the deduction, but you could find a plan with more advantageous fees and a better track record for investments.

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This story was originally published in March 2024.

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