college savings

Arizona SB 1179, a law originally meant to change law pertaining to Ignition Interlock Devices, was modified to include several tax provisions. One such provision was a retroactive change in law pertaining to contributions to Qualified Tuition Plans, also known as §529 Plans.  For single and head-of-household filers, the deductible amount increased from $750 to $2,000.  For married couples filing jointly, the amount increased from $1,500 to $4,000. Aaron's Take: Most contributions to §529 plans exceed the former limits.  However, the increase - while appearing to be significant - is not.  Due to our already low state income tax rate, the [...]