Last Chance for Nearly Unlimited Tax Deductible 529 Plan Contributions

A&I Wealth Management > Blog > Last Chance for Nearly Unlimited Tax Deductible 529 Plan Contributions

Colorado’s Last Chance for Tax-deductible 529 Plan Contributions

Colorado takes away a tax break in 2022 for contributions to college accounts. Now through the end of December, you may make a nearly unlimited tax deductible contribution into a Colorado 529 plan. Beginning in 2022, single tax filers may make a tax-deductible contribution of $20,000 and married filing joint taxpayers will be able to make a $30,000 tax-deductible contribution. If your contribution is larger than that amount, it will not qualify for a Colorado State income tax deduction. Note that the growth on the investments inside a 529 plan is still Federal and State income tax free.

Credit Card Advice for Beginners

Visit Money Geek to read an article about credit cards from Stacey Frank. Perhaps you have a child, other relative or friend who may have some credit card debt they want to reduce. They may benefit from Stacey’s advice!

Developing a Plan In Case You Need Long Term Care

Nobody wants to have to depend upon a stranger for our own healthcare. However, more than half of Americans will need some sort of long term care in their lifetimes. Read more about how we develop long term care plans here and visit us on Wednesday 11/03 at 11:30am for our upcoming Lunch and Learn with Marla Mason and Francois Giguere as they discuss long term care planning.
About the author

Karl Frank, Certified Financial Planner ®, MSF, MBA, MA, is the President of A&I Financial Services LLC, a local business that specializes in wealth management, insurance planning, and retirement planning. Karl cares for business owners and the businesses that care for them. Learn More about Karl.