The AZ529 Education Savings Plan offers a tax-free approach to setting money aside for college, community college, vocational training, trade school and other educational avenues for high school graduates. Arizona residents can receive a dollar-for-dollar state tax deduction for contributions made to an AZ529 account each year, of up to $2,000 per beneficiary or $4,000 per beneficiary, depending on filing status. Funds earned over time will remain tax-free when used for a wide variety of covered educational expenses. Additionally, 529 plan beneficiaries can now rollover unused funds into a Roth IRA, up to a $35,000 lifetime limit free of income tax or tax penalties. Friends and family members may also add to a child’s AZ529 Plan at any time and earn the same tax benefits for themselves.
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