Each year, Alabama taxpayers can deduct contributions made to CollegeCounts up to:1
- $5,000 single filers
- $10,000 married, filing jointly when both spouses contribute
- December 31 contribution deadline
What is the deadline to contribute to take advantage of the Alabama state income tax deduction?
Contributions may be completed online or mailed. Contributions that are mailed must be postmarked to CollegeCounts no later than December 31, 2018 to be eligible for a 2018 deduction. Electronic contributions must be completed by 11:59pm Central Time on December 31 to be considered a 2018 contribution.
Any contribution made after 3:00pm Central Time on Monday, December 31 but before 11:59pm Central Time on December 31 will post to your account on January 2, 2019, but will be coded a “Prior Year Contribution” and generally should be eligible for the 2018 state income tax deduction.
Contributions addressed to CollegeCounts and postmarked in 2018 but received in 2019, will be invested on the day the check is received – will be coded as a “Prior Year Contribution” and will be considered a 2018 contribution for tax deduction purposes.