SAVANNAH, Ga. (WTOC) – Georgia’s Path to College 529 plan is a tax-advantaged savings program available to families planning for future education expenses, according to Bethany Wetzel, Treasury Program Director for the Georgia Office of the State Treasurer.
Wetzel said the plan offers three tax benefits: tax-deferred growth, tax-free earnings on qualified withdrawals, and a state income tax deduction for Georgia taxpayers. Single filers can deduct up to $4,000 per beneficiary per year, while joint filers can deduct up to $8,000 per beneficiary. A single filer contributing to three beneficiaries could deduct up to $12,000 annually.
Funds can be used beyond traditional college…