##Advice
Contributing to the Illinois Bright Start College Savings Plan can provide significant tax benefits for Illinois taxpayers. Here’s how it works based on your situation:
### Key Points
1. **State Tax Deduction**: As a married couple filing jointly, you can deduct up to **$20,000** from your Illinois state taxable income for contributions made to the Bright Start College Savings Plan in a single tax year. This means if you contribute **$18,000** before the end of the year, you can deduct that entire amount from your taxable income[3][4].
2. **Refund Expectation**: While contributing $18,000 allows you to reduce your taxable income by that amount, it does not guarantee a refund of that exact amount upon filing your tax returns. Instead, it will lower your taxable income, which may reduce your overall state tax liability. The actual refund or tax savings will depend on your total income, tax rate, and any other deductions or credits you may be eligible for.
3. **Qualified Withdrawals**: Withdrawals from the plan used for qualified higher education expenses are tax-free at both the federal and state levels. This includes tuition, fees, books, and other necessary expenses[4][7].
4. **Contribution Timing**: To benefit from the deduction for the current tax year, ensure that your contributions are made before December 31st.
### Conclusion
By contributing $18,000 to the Bright Start College Savings Plan, you will be eligible to deduct that amount from your state taxable income up to the $20,000 limit for married couples. This can lead to a lower state tax liability when you file your taxes; however, it does not directly translate into a refund of the contributed amount. For personalized advice and to maximize your tax benefits, consider consulting with a tax professional.
Citations:
[1] https://www.savingforcollege.com/529-plans/illinois
[2] https://www.isac.org/students/parents/saving-for-college.html
[5] https://osfa.illinois.edu/types-of-aid/other-aid/pre-paid-tuition/
[6] https://financialaid.uic.edu/types-of-aid/pre-paid-tuition/
[7] https://brightstart.com/learn/how-does-a-529-plan-work/
[8] https://tax.illinois.gov/questionsandanswers/answer.206.html