In this video, I walk through an example of a married couple, filing a joint tax return in Illinois making a $20,000 contribution to their kids 529 plans. First, I show how much in tax they owe Illinois before the contribution, then how much they save by contributing to an Illinois 529 plan.
Learn how to reduce/pay less on your taxes!

It's important to note that every state has its own deduction limits. So, although Illinois' max deduction is $20,000, another state might have a lower amount.

🛑 SUBSCRIBE! : shorturl.at/fL014

About my channel:
Rob CPA channel was created with a mission to provide viewers with accurate content so they can be proactive in their tax planning strategies and build financial wealth. The video topics I selected reflect real-world issues that I’ve seen our clients experience relating to their personal tax returns, retirement plans, and accounting.

The channel allows me to share my passion for taxes, personal finance, and accounting. I create content I wish schools and entrepreneurship programs/accelerators would teach their students and companies. I take complex topics and simplify them for the viewers as well as show examples.

I will be covering the following topics:

- Personal & business tax planning tips;
- Personal finance;
- Accounting;
- Investing;
- Entrepreneurship

New videos are released every week, so be certain to SUBSCRIBE! : shorturl.at/fL014

#taxes #529 #taxform