Treasurer McCord: Higher Tax Deduction Makes 2013 Great Time to Open a PA 529 College Savings Plan

McCord highlights PA 529 College Savings Program accomplishmentsHarrisburg – With the state income tax deduction for 529 college saving plan contributions now at $14,000 per person, per beneficiary, per year, Pennsylvania Treasurer Rob McCord called 2013 a great year to open and contribute to these tax-advantaged savings plans.   The new individual tax deduction of $14,000 represents a $1,000 increase from the 2012 level.  Married couples filing jointly may deduct up to $28,000 in contributions provided each spouse has at least $14,000 in taxable income.   “Reducing your state income