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Although contributions are not deductible on your federal tax return, earnings grow taxfree, withdrawals are taxexempt, and generous contributions are free from estate tax accounting—as long as the account is used for educational expenses, residents can deduct contributions to a wisconsin 529 plan, which includes edvest and tomorrow’s scholar. Eligible taxpayers can deduct a portion of their edvest contributions from wisconsin taxable income, potentially reducing their overall state tax bill, Although contributions are not deductible on your federal tax return, earnings grow taxfree, withdrawals are taxexempt, and generous contributions are free from estate tax accounting—as long as the account is used for educational expenses.
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