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Old 02-11-2015, 12:16 PM
 
Location: Greer
2,213 posts, read 2,845,701 times
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Has anyone signed up for the South Carolina 529 college savings account? What did you think about it? Are there other states' plans that are better?

If a relative from outside of South Carolina wants to make a donation to my child's South Carolina 529, is their donation tax deductible for them?
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Old 02-12-2015, 05:15 AM
 
Location: Coastal South Carolina
6,417 posts, read 1,435,114 times
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I have had the South Carolina 529 plan for my children for a couple years. It is a good plan, and Clark Howard recommends it for the state of South Carolina. If you live in SC , it is the best in the state. I know it is great for taxes for the parent, but I don't know about the relative's donation. You can call them and ask - 529 Plan & College Savings Plan | Future Scholar
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Old 02-12-2015, 09:40 AM
 
Location: Boondocks, NC
2,614 posts, read 5,829,496 times
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We've had SC's 529 plan for our grandkids for quite awhile, and have been generally pleased with it. It's difficult to compare returns between plans from other states, but overall, I've been pleased with the growth we have seen. It's much cheaper and easy to sign up direct rather than their broker-offered plan. Kiplinger has a good <Write-Up> and comparison tool for 529 plans. They consistently conclude that your in-state plan is the best choice as long as it offers a tax break.

If an out of state relative wants to contribute, their ability to take a tax deduction depends upon which state they live in. Some states permit a deduction regardless of which state's plan you choose. Other states (SC) allow a deduction only if you invest in that state's 529 plan. I'm sure a customer rep could tell which states permit it, but offhand, I don't know which ones.
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