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Important Tax Update

The state of Wisconsin has increased the deductible contribution limit for Section 529 plans

For 2014 and later years, certain changes have been made to the Wisconsin income tax treatment of contributions and withdrawals from Section 529 plans.  Deductions for contributions are now available to any contributor, regardless of the relationship between the contributor and the Beneficiary.  Contributions made during the tax year or on or before the original due date of the contributor's return (generally April 15 of the following year) are deductible up to a maximum amount for the tax year.   The maximum contribution deduction per Beneficiary for each tax year is $3,050 for 2014 and may increase annually based on inflation.  Contribution amounts exceeding the maximum deduction amount for the tax year may be carried forward to future tax years and deducted subject to the maximum deduction amount of those years. The amount of an outgoing rollover made to another state's 529 Plan on or after June 1, 2014 will be added to Wisconsin income and taxed to the extent that the amount was previously claimed as a deduction .  On or after June 1, 2014, Non-Qualified Withdrawals will be added to Wisconsin income and taxed to the extent the receipt of such amounts results in the Additional Tax for federal tax purposes and was contributed to the Account after 2013.  Please note that the deduction described in this paragraph may appear on your Wisconsin income tax return as a subtraction from income.

About Our Firm

Meicher CPAs, LLP works with businesses and individuals desiring the least possible tax coupled with an understanding of personal wealth accumulation.  "You never do anything just for tax, the goal is to grow your personal and business net worth. Within this framework we are convinced no one can get your taxes lower using today’s complex tax code. We search for every reasonable way to help our 4,000 plus clients." says Managing Partner Gordon Meicher.

Please feel free to contact me directly or any of the partners and staff.

We look forward to working with you and welcome to our website.