0

I live in PA, do you know if I enroll in 529 plan before the end of the year and contribute some amount, will I get State tax refund in 2014?

I usually owe 0$ on state taxes. I understand if I owed some amount, some of it could be written off because of state deduction. But if you owe nothing do you get a credit instead?

1

If you don't pay state taxes at all, I don't believe you can get a refund (actually "refund" is probably not the right word).

However, if you pay state taxes but don't owe money when it comes time to file, any additional deductions/credits will result in your having overpaid, which means you can get that money refunded.

  • In general you have to contribute to a 529 plan associated with your state. – mhoran_psprep Dec 4 '14 at 17:25
  • In tax lingo, the word refundable means that for a given tax credit, it may very well dial back to money the government owes you, beyond what you paid. I agree, that for PA, the refund is just that, refund only, not refundable, as it's not a credit, just a deduction. – JoeTaxpayer Dec 4 '14 at 22:00

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.