is contibution to 529 collage fund can be deducted from anoual income for any year?

Answer 1

Not on your federal tax return. Some states allow you to subtract a certain amount per child on your state tax return. Check the state instruction booklet to see if your state allows such a subtraction.

Answer 2

The only amount that can be deducted from income is a small amount on the state tax of the state you live in. And in order to get this deduction, you have to participate in the plan sponsored by your state. So if you live in Maryland and contribute to the T Rowe Price, you can deduct $2000 from your state income tax. But you have to take the deduction in the year you contributed.