If you made a contribution to the 529 plan, you will be able to claim a subtraction from income. If you withdrew money from your 529 plan, you may have to add the withdrawal back to your income if it was not used for educational purposes.
What is the Georgia 529 plan?
The Path2College 529 Plan is a state-sponsored, tax-advantaged 529 college savings plan that’s helping families and individuals plan for the cost of education.
What are the qualifications?
Qualified Education Expenses may include tuition, certain room and board expenses in addition to any fees, books, supplies and equipment required
What can the contributions be used for?
- Qualified Higher Education Expenses also include tuition in connection with enrollment or attendance at a K-12 public, private or religious school, up to a maximum of $10,000 per year per Beneficiary from all Section 529 plans.
- Expenses for fees, books, supplies, and equipment required.
- Room & board costs are considered qualified only during the academic period in which the student is enrolled.
What are the limits?
For single filers : $4,000/yr per beneficiary
For joint filers : $8,000/yr per beneficiary
What about rollovers?
You are permitted to transfer funds from another 529 college savings plan to an account in the Path2College 529 Plan for the same beneficiary once within a 12-month period without incurring federal income tax.
What if I don’t use it for education expenses?
Non-Qualified withdrawal will be subject to tax, including the additional 10% federal tax.
- State Section
- Georgia Return
- Subtractions from Income
- 2023 Savings Plan Contributions