Save on Your South Carolina Taxes This Year
One of the Best Tax Deductions of Any 529 Plan
When you contribute to a Future Scholar 529 College Savings Plan, you can save for your child’s future and save on your state income taxes all at the same time.
A state income tax deduction of up to 100% of contributions to a Future Scholar 529 plan is available for South Carolina taxpayers. If you file a resident or non-resident South Carolina state income tax return, you may be eligible for a tax-deductible contribution.
Did you know you can still get a deduction on your South Carolina state tax return for contributions made to a Future Scholar College Savings Plan?
It’s true. In fact, South Carolina is one of six states where you can still make a contribution to the state administered 529 plan – Future Scholar – and claim a deduction for the prior tax year, up until you file your tax return.
Yes, you read that correctly. You have until April 15, 2024, to contribute and still get a break on your 2023 tax bill if you file a South Carolina tax return.
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Future Scholar 529 Plan
PO Box 219812
Kansas City, MO 64121-9812
© 2024 South Carolina Office of State Treasurer
Important Disclosures | Privacy and Security | Terms and Conditions
Investing involves risk including the risk of loss of principal. Please consider the investment objectives, risks, charges and expenses carefully before investing. Contact your financial advisor or visit futurescholar.com for a Direct Plan Program Description, which contains this and other important information about the Future Scholar 529 College Savings Plan. Read it carefully before investing. You should also consider, before investing, whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds and protection from creditors that are only available for investments in such state's qualified tuition program.
Tax treatment varies by state. The tax information set forth on this website is general in nature and does not constitute tax advice on the part of Columbia Management Investment Distributors, Inc., its affiliates or the South Carolina Office of State Treasurer. Please contact your tax advisor before making any tax related decisions.
The Direct Plan is sold directly by the Program and is limited to a specific group of investors, as described in the Program Description . You may also participate in the Advisor Plan, which is sold exclusively through financial advisors. The Advisor Plan offers additional investment choices, but the fees and expenses are higher. Please contact your financial advisor for additional information on the Advisor Plan.
The Office of State Treasurer of South Carolina (the State Treasurer) administers the Program and has selected Columbia Management Investment Advisers, LLC and Columbia Management Investment Distributors, Inc. (Columbia Management) as Program Manager. Columbia Management and its affiliates are responsible for providing certain administrative, recordkeeping and investment services, and for the marketing of the Program. Columbia Management is not affiliated with the State Treasurer.