529 Plan Contributions in Madison, WI 2026
Calculate your 529 plan contributions tax savings in Madison, Wisconsin. With Wisconsin's 7.65% state tax rate, your combined savings are higher.
Wisconsin Tax Context
State capital; University of Wisconsin; very high quality of life
529 Plan Contributions Savings Calculator for Madison
Federal Savings
$1,100
22% bracket
Wisconsin State
$383
7.65% rate
Local Tax
$0
0% rate
Total Savings
$1,483
29.6% combined
At a 29.6% combined tax rate in Madison, every $1,000 in deductions saves you $297 in taxes.
Savings by Tax Bracket in Madison
Includes 7.65% Wisconsin state tax on top of federal savings.
Eligibility Requirements
Contributors to 529 education savings plans
- 1State-level deduction only
- 2Varies by state
- 3No federal deduction
Wisconsin residents should verify that this deduction is also recognized on their state tax return for additional savings of up to 7.65%.
Common Mistakes to Avoid
- !Expecting federal deduction
- !Not checking state limits
- !Forgetting to claim the deduction on your Wisconsin state return (missing 7.65% additional savings)
Required Tax Forms
File these forms with your federal tax return to claim the 529 plan contributions. Wisconsin may require additional state-specific forms.
Other Tax Deductions in Madison, WI
Student Loan Interest Deduction
Education
American Opportunity Tax Credit
Education
Lifetime Learning Credit
Education
Coverdell Education Savings Account
Education
Educator Expense Deduction
Education
Employer-Required Education
Education
Education Savings Bond Interest
Education
Employer Education Assistance
Education
529 Plan Contributions in Other Wisconsin Cities
Milwaukee, WI
7.65% state tax
Green Bay, WI
7.65% state tax
Kenosha, WI
7.65% state tax
Racine, WI
7.65% state tax
Appleton, WI
7.65% state tax
Waukesha, WI
7.65% state tax
Eau Claire, WI
7.65% state tax
Oshkosh, WI
7.65% state tax
Calculate Your Full Tax Savings in Madison
Use our free tax calculators to optimize your entire tax return for Wisconsin.
Frequently Asked Questions
How much can I save with the 529 Plan Contributions in Madison, WI?
In Madison, Wisconsin, the 529 plan contributions can save you an estimated $1,483 per year. This includes $1,100 in federal tax savings and $383 in Wisconsin state tax savings. The national average savings is $1,000/year.
What is the Wisconsin state income tax rate for Madison residents?
Wisconsin has a 7.65% state income tax rate. Madison residents have no additional local income tax. State capital; University of Wisconsin; very high quality of life
Who qualifies for the 529 Plan Contributions in Madison?
Contributors to 529 education savings plans. The eligibility requirements are the same whether you live in Madison or elsewhere in the U.S., as this is a federal tax deduction. However, your savings amount will vary based on Wisconsin's 7.65% state tax rate.
What tax forms do I need to claim the 529 Plan Contributions in Wisconsin?
To claim the 529 plan contributions, you need to file State tax return with your federal return. Wisconsin residents should also check if the state allows this deduction on their state return, which could provide an additional 7.65% savings. Filing status affects your deduction limits and tax bracket.
Is the 529 Plan Contributions better in Madison than in states without income tax?
Yes, Madison residents benefit more because Wisconsin's 7.65% state income tax means the deduction reduces both your federal AND state tax liability. In states with no income tax (like Texas, Florida, or Nevada), this deduction only reduces federal taxes. Your combined rate of 29.6% means more savings per dollar deducted.
Related Calculators
Student Loan Interest Deduction in Madison
Avg savings: $550/year
American Opportunity Tax Credit in Madison
Avg savings: $2,200/year
Lifetime Learning Credit in Madison
Avg savings: $1,500/year
Coverdell Education Savings Account in Madison
Avg savings: $300/year
Educator Expense Deduction in Madison
Avg savings: $66/year
Employer-Required Education in Madison
Avg savings: $3,000/year