Save for College & Save Taxes
HURRY UP to get this done before year-end!
Get your IL 529 College Savings Plan contribution in before year end and get a write off on your IL Income Tax Return. There are two plans to choose from in IL (Bright Directions and Bright Start). I use Bright Directions for my three kids.
Illinois raised our state income tax rate from 3% to 5% in 2011. The extra tax revenue is all going to funding pension funds. Illinois residents can deduct contributions of up to $20,000 per year from their state tax return. This also works for grandparents that are interested in helping out their grandchildren.
IL Tax Rate 5% _
Tax Savings $1,000
Average IL Public-in-State Cost in 2011 = $20,339
Average Public Out-of State Cost in 2011 =$30,300