When I contribute to a 529 college savings plan, can I deduct the contribution from my California income tax as part of the gift tax exclusion (up to $15000)?


No. 529 contributions are not tax-deductible in California. The Gift Tax exclusion isn't really appropriate, either, because gifts are after-tax anyway. Gift Taxes are extra taxes the giver pays beyond the exclusion amount.

  • Really the key point is that the "gift tax exclusion" does not relate to a deduction from income. – nanoman Jan 14 '19 at 20:55

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.