Want to take your education planning, and tax deductions, to the next level? Keep reading!
To add a layer of sophistication to education planning, you must recognize that Ohio allows a tax deduction of $4,000 per beneficiary and allows you to move accounts between beneficiaries within the same family.
Let’s look at an example. If a married couple (H & W) has two children (B & G) in private school, they could potentially pick up $16,000 in state tax deductions. They would open an account with B as beneficiary, G as beneficiary, H as beneficiary, and W as beneficiary contributing $4,000 to each account. Then H and W would move their accounts to B and G to be used for tuition.
$4,000 tax deduction * 4 beneficiaries = $16,000 Ohio tax deduction!
If you have questions, please do not hesitate to reach out!