California 529 College Savings Calculator
Calculate 529 college savings growth in California. No state deduction. See projected savings and tax benefits.
How This Calculator Works
Calculation methodology and assumptions
529 plan calculator for California residents. Projections use compound interest with monthly contributions. California does not offer a state tax deduction for 529 plan contributions, but earnings grow tax-free federally. Federal benefit: earnings grow tax-free and withdrawals for qualified education expenses are tax-free. Annual 529 gift tax exclusion: $18,000/person ($36,000 for couples) without gift tax implications. Superfunding allows 5 years of gifts upfront ($90,000/$180,000).
Key State Information
California 529 plan facts: California does not offer a state tax deduction for 529 plan contributions, but earnings grow tax-free federally. Median household income: $91,905 | COL index: 142.2. 529 funds can be used for tuition, room & board, textbooks, and K-12 tuition (up to $10,000/yr).
Frequently Asked Questions
Does California offer a 529 tax deduction?
California does not offer a state tax deduction for 529 plan contributions, but earnings grow tax-free federally.
How much should I save in a 529 plan in California?
With average in-state tuition around $10,000-$15,000/year and total costs (including room/board) of $20,000-$35,000/year, aim to save at least 50-75% of projected total costs. Starting early with $200-$500/month can reach $50,000-$100,000 over 10-15 years.
What happens to unused 529 funds?
As of 2024, unused 529 funds (open 15+ years) can be rolled into a Roth IRA for the beneficiary, up to $35,000 lifetime. You can also change the beneficiary to another family member, or use funds for graduate school.
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