The Georgia 529 plan offers tax benefits to residents who save for a college education and for K-12 expenses. Read about the plan and its tax benefits.
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In June 2022, Georgia held about $4.3 billion in 529 plans. 529 plans are state-sponsored savings accounts that help people save money for college for themselves or for beneficiaries like children or grandchildren.
For contributing to a 529 plan, Georgia residents get certain tax benefits. Keep reading to learn about the Georgia 529 plan and the state’s tax rules for college savings accounts.
Georgia’s 529 Plan
Georgia offers one 529 plan:
- Requires State Residency? No
- K-12 Expenses Eligible? Yes
- Fees: 0-0.12%
- Performance Notes: The 2022-2023 Enrolment Portfolio has gained 4.81% in average annual returns since its creation.
Behind the Numbers
As with any investment portfolio, 529 plan performance changes over time with the market. We last updated our performance notes in January 2023.
In addition, the Georgia 529 plan offers many portfolios. Check out the options yourself to see which is right for you.
Georgia 529 Plan Tax Deduction
State residents can deduct annual contributions to the Georgia 529 plan on their taxes. Single residents can deduct up to $4,000 a year. And married residents who file jointly can deduct up to $8,000 a year.
In Georgia, you can contribute up to $235,000 in total to college savings plans.