Does anyone know if the tax deduction for contributions to a NC 529 plan are subject to an AGI limit (for 2008). I don't speak legalese very well...
Here's the most relevant thing I can easily find:
Quote:
Effective for calendar year 2007, an individual subject to State of
North Carolina income tax may deduct from North Carolina
taxable income the amount, not to exceed $2,500 in the aggregate,
contributed to an Account or Accounts in such calendar year. In
the case of a married couple filing a joint State income tax return,
the maximum dollar amount of the deduction is $5,000 in the
aggregate for such calendar year. Under current North Carolina
law, these deductions will be subject to the adjusted gross income
(“AGI”) limitations listed in the table below effective for calendar
years beginning on or after January 1, 2012.
FILING STATUS AGI
Married, filing jointly $100,000
Head of Household 80,000
Single 60,000
Married, filing separately 50,000
The way I read it, the AGI limits don't kick in until 2012. Did I read it wrong?
Scott
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