I want to open a 529 plan for myself to save up for graduate school. The North Carolina plan allows a deduction on the state income taxes of $750 this year, and $2000 next year, for contributors meeting income qualifications.

Student loan interest is deducted above & beyond the standard deduction, i.e., you don't need to itemize to claim a deduction for student loan interest.
I don't own a home, so it'll be awhile before I can itemize...must I itemize to claim a deduction for 529 contributions on my state tax return?

11/27/2006 7:01:55 PM