is bright start tax deductible
Reply to Lev's Post: The contribution will be made in 2007 and thus there is no need to ammend any returns. The bright start contribution is deductable for Illinois Income tax purposes. The question is for 2007 tax planning purposes. Expert: Lev replied 8 years ago. This is correct that contribution to the IL 529 plan is deductible for IL state income tax return and there is no need for amending 2007 tax return as it was not filled yet. However, you may not carry over the exceed contribution to the following years.