<prompt> Human: Im in grad school full time. My partner and I live in a house that we own and pay a mortgage on. I was thinking of funding a 529 account, then using those funds to pay our mortgage. There wouldnt be any time for the funds to appreciate, but at least I would be able to take a deduction on state taxes. Is there any reason why this wouldnt work?Assistant: You can do it up to the amount that the school lists for room and board each month. But the question is why. Youre already in grad school, so this 529 isnt going to have much financial return by the time you have to pay it, so the tax savings on the gain will be minimal.Human: Because the contribution itself gives one a state tax deduction, no?  <response>: depends on the state. check with your state. 