Updated October 4, 2026. Quick answer: Yes, for CollegeBound Saver. The program says contributions are “eligible for a deduction in computing state income tax”, with the limits at “$1,000 for married couples filing jointly and $500 for individual” filers.
What Rhode Island allows for 529 contributions
| Item | What the documents say |
|---|---|
| Treatment | Deduction in computing Rhode Island income tax |
| Limit | $500 for an individual; $1,000 for married couples filing jointly |
| Carryforward | Contributions above the annual limit can be carried forward, subject to conditions; the period is not stated in the documents read |
| Plans that qualify | CollegeBound Saver; the program page describes the deduction only for contributions to it |
| Not-qualified withdrawals | A nonqualified withdrawal, or certain transfers or rollovers to another state’s program, may recapture the deduction |
| Source | Rhode Island Office of the General Treasurer, CollegeBound Saver program page |
A $10,000 contribution by a married couple
A married couple filing jointly who put $10,000 into a CollegeBound Saver account for one child can deduct $1,000 in the year, the joint limit. The other $9,000 can be carried forward, subject to the program’s conditions.
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Carryforward and recapture
The program says “contributions in excess of the annual limit can be carried forward” and deducted in later years, and that “the amount of the deduction may be “recaptured”” on a nonqualified withdrawal.
What the documents do not say
- How many years an excess can be carried forward.
- Whether contributions to another state’s plan qualify.
- The program page and the press release are undated.
What changes in 2026
No change for tax year 2026 appears in the documents read for this page.
Federal rules
A state break sits beside the federal rules for 529 plans: the statute is 26 U.S.C. 529 and the IRS explains it in Publication 970, Tax Benefits for Education.
Common mistakes
- Assuming a large contribution produces a large deduction; the annual limit is small and the rest waits.
Related: how Rhode Island taxes retirement income, whether Rhode Island taxes pensions, the five questions behind any 529 state tax break, and the state-by-state table of 529 deductions.
Sources
- CollegeBound Saver 529 Plan (program page and disclosure footnotes): https://treasury.ri.gov/programs/collegebound-saver-529-plan-0
- CollegeBound Saver press release (RI.gov): https://www.ri.gov/press/view/28111
Sources: the primary documents linked above, read on October 4, 2026. General information, not tax advice. Your own facts decide the outcome, and a preparer, the plan administrator or the agency itself is the right place to confirm anything consequential.