529 contributions in Maryland
Varies
Are 529 Contributions Tax Deductible in Maryland?
Short answer: Yes on your Maryland return: $2,500 per beneficiary per contributor ($5,000 joint if each spouse contributes). Only contributions to the state's own plan count. Account holders and other contributors qualify; nonqualified withdrawals added back. 2025 bill to raise cap to $4,850 did not pass.
Carryforward: Up to 10 years. There's no federal deduction for 529 contributions; growth is tax-free when used for qualified education costs.
Records to keep: Keep receipts, statements, and a note of what each cost was for. Compare itemizing to the 2026 standard deduction ($16,100 single / $32,200 joint) before you claim.
529 contributions in Maryland
Varies
Individuals / Personal Taxes
Yes on your Maryland return: $2,500 per beneficiary per contributor ($5,000 joint if each spouse contributes). Only contributions to the state's own plan count. Account holders and other contributors qualify; nonqualified withdrawals added back. 2025 bill to raise cap to $4,850 did not pass.
Business justification
Yes on your Maryland return: $2,500 per beneficiary per contributor ($5,000 joint if each spouse contributes). Only contributions to the state's own plan count. Account holders and other contributors qualify; nonqualified withdrawals added back. 2025 bill to raise cap to $4,850 did not pass. Carryforward: Up to 10 years. There's no federal deduction for 529 contributions; growth is tax-free when used for qualified education costs.
Category
- Personal Tax Deductions