Saving for college in a 529 plan has many benefits; ranging from the power of compound interest, a wide variety of investment options, tax-free earnings, and tax-free withdrawals. For Ohioans saving with Ohio’s 529 Plan, there’s also a deduction from their state taxable income for contributions made to CollegeAdvantage. Since 2000, the yearly deduction has been set at a maximum of $2,000 per account but the New Year brings a big change to this Ohio tax deduction.
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