HARRISBURG, Pa. (WHTM) — Pennsylvania Treasurer Stacy Garrity has announced better tax benefits for those contributing to PA 529 and PA ABLE accounts in 2023.
According to the treasurer’s office, PA 529 account owners may deduct up to $17,000 (previously $16,000) of contributions to their accounts, or $34,000 (previously $32,000) for couples filing jointly, provided both spouses have at least $17,000 of income.
PA ABLE account owners will also be able to deduct up to $17,000 (previously $16,000) for contributions to their accounts.
“Both PA 529 and PA ABLE accounts have excellent tax advantages, and the higher deduction limits will help bolster savings for account owners,” Garrity said. “Treasury’s savings programs are valuable tools that help Pennsylvania families meet their financial goals. If anyone is thinking about starting to save with PA 529 or PA ABLE accounts, I encourage them to visit Treasury’s website to learn how these accounts can have a big impact on improving financial security and wellness.”
The PA 529 College and Career Savings Program is designed to help Pennsylvania families save for future educational expenses.
You can also call 800-440-4000 to learn more about the PA 529 program or 855-529-2253 for the ABLE program.