529 Contribution Deadlines
Written By: Ryan Rink, CFP®
Many states offer tax benefits for those who contribute to 529 education accounts. For example, if you are a Wisconsin taxpayer, your contributions to a state-sponsored 529 plan (either Edvest or Tomorrow’s Scholar) may be deducted from state taxable income up to a maximum of $3,560 per beneficiary for the 2022 tax year.
The contributions must be made by the state tax deadline, which is typically April 15th of the following year. Since April 15th falls on a Saturday in 2023, the 2022 tax deadline is extended to the following Monday, which is April 17th. Therefore, you have until April 17th, 2023 to make 2022 529 plan contributions in Wisconsin.
It is important to note that the rules vary by state. For example, if you live in Illinois, the deadline is December 31st, 2022 for 2022 contributions. If you contribute to another state’s plan, your Shakespeare advisor can help determine the deadline for your 529 contributions.