Contributions to a 529 college savings plan, while risky in a tumultuous market, can deliver big savings for investors — but it depends on what state they’re in. Tax deductions are offered by most states, but are capped at different levels: from $250 in Maine to $26,000 in Pennsylvania. One potential drawback? Tax benefits are generally limited to plans offered by the state, which means that most people don’t have much control over their plan’s investments. The exceptions are Arizona, Kansas, Maine, Pennsylvania and Missouri, where residents can choose a 529 plan from any state while still receiving their own state’s deduction.

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