529 Plan Comparison - Tax Deduction vs. Investment Fees
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529 Plan Comparison - Tax Deduction vs. Investment Fees
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YearHome StateOut-of-StateDifferenceVariables
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1$2,485$2,355$130Home StateCT
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2$5,058$4,801$257Income Tax Rate5.50%
Source: http://www.bankrate.com/finance/taxes/check-taxes-in-your-state.aspx
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3$7,722$7,340$382Max Annual Deduction$10,000
Source: http://www.finaid.org/savings/state529deductions.phtml
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4$10,480$9,977$503
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5$13,336$12,715$621Home State Investment Cost0.46%
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6$16,293$15,559$735Out-of-State Investment Cost0.16%
Based on New York's 529 Plan: https://www.nysaves.org
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7$19,355$18,511$844
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8$22,525$21,577$948Current 529 Savings$0
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9$25,807$24,761$1,047Annual Pre-Tax Contribution$2,400
Out-of-State contribution is reduced by the Income Tax Rate entered above.
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10$29,206$28,067$1,139Annual Return4%
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11$32,725$31,499$1,225
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12$36,368$35,064$1,304
Go to the following URL for instructions:
https://momanddadmoney.com/choose-best-529-plan
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13$40,141$38,766$1,375
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14$44,047$42,609$1,437
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15$48,091$46,601$1,490
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16$52,278$50,745$1,533
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17$56,614$55,049$1,565
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18$61,103$59,518$1,585
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529 Plan Comparison
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