changes to Georgia 529 Education savings plan

I’ve been reviewing my finances lately, including the college savings plans for the kids. The state of Georgia 529 plan allows you to deduct a $2000 contribution per kid from your state taxes, as long as your federal adjusted gross income is less than $100,000 / year (and yo, I have no problem squeaking under that cap). So I was socking away $2000 per kid / per year to take advantage of the deduction.

Lo and behold, they just changed the rules. They removed the income cap (yay?) but they also capped the deduction to $2000 per return (instead of $2000 per kid). Oh well, I was putting too much in those funds anyway, so I’ll scale it back to $1000 per kid. At two- and four-years-old it helps to start early but let’s not get crazy.


P.S. Here’s another good article about 401k vs Roth:

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