529 contributions

[dlglenn640]

I am a grandparent who contributed money to grandchildren's 529 college funds. Colorado allows deduction of 529 contributions, but Im not sure it applies to me or only to my sons who actually own the 529 accounts.

[rbt1219 · Accepted solution]

Yes, you can get the reduction in Federal income using Form DR 0104AD, line 8. As noted on the form, if you're not the 529 account owner, you need the account owner's name and SSN.

[rbt1219]

One point of clarification: The reduction in Federal income on your Colorado tax return solely applies to contributions made to CollegeInvest 529 plans. You cannot deduct contributions made to a tuition savings plan for another state.

[bjbattaglin]

I CANNOT FIND PLACE TO RECORD MY 529 CON TRIBUTIONSFOR MY GRANDSON TO MY COLORADO TAX FORM

[bjbattaglin]

IS LINE DR0104AD IN FEDERAL FORM OR COLORADO FORM/

[Hal_Al]

It's usually on the page, in the state program, called "Here's the income that Colorado handles differently".

[dlglenn640]

• It is Colorado Form DR0104AD

[hockeyjac]

where do you record it for Indiana or just federal?

[ShirlynW]

You will record it on your Indiana return. If your state is one of those states that will let you deduct all or part of your 529 plan contribution, TurboTax will prompt you to enter  your contribution when you get to the credits and deductions portion of your state taxes.

[justusdj]

I see no "Credits and Deductions" portion on my Wisconsin state returns. We do get a deduction for 529 contributions.

[AnnetteB6]

Each state return within TurboTax handles the 529 contributions inconsistently.  

For Wisconsin, you need to look for a page titled, 'Here's the income that Wisconsin handles differently'.  While on that screen, scroll to the Education section and click Start or Update beside College Savings Account.  This is where you can enter your 529 plan contributions.

@justusdj 

[justusdj]

I didn't have that screen either. Only way I could find to do it was to go into the forms themselves, find the form for it, add it, then run back through the UI, then suddenly the screen to fill in the 529 contribution information appeared.