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The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.

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  • Is the money from my ” Florida 529 Savings Plan” taxable if it is used to pay for my son’s higher education expenses?

Is the money from my ” Florida 529 Savings Plan” taxable if it is used to pay for my son’s higher education expenses?

Yes, once the withdrawal is made, it would be taxable on your Alabama income tax return.

Related FAQs in 529 Savings Plan, Income Tax

The postmark date will be accepted as the date of the contribution, as long as it is on or before December 31st. The contribution does not have to be received by the plan on or before December 31st.

Yes, once the withdrawal is made, it would be taxable on your Alabama income tax return.

No, the money is not taxable as long as the money is used to pay for higher education expenses.

No deduction would be allowed on your Alabama income tax return, and the income would be reported once it is withdrawn or distributed from that other state’s plan.