Not sure if this is the right place to ask, so forgive me if this is a case of lostredditor.
I'm trying to minimize our tax liability for 2021. My spouse and I have maxed out our 401(k) contributions for the year. Since the standard deduction for 2021 is $25,100, where does a 529 contribution come into the calculation? Like, can I make an after-tax contribution at the end of the year on 31 Dec, then deduct it like an itemized deduction on our 2021 taxes?
If our property taxes total $7,000 for the year and we have no other (significant) deductions, would it make sense to put money into a 529, or would the standard deduction still be greater than what we can deduct by item?
Submitted November 09, 2021 at 11:38PM by flycharliegolf https://ift.tt/3BYAPnr
