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.
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 18, 2023, to contribute and still get a break on your 2022 tax bill if you file a South Carolina tax return.