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Level 1
posted Mar 6, 2022 8:58:07 AM

529 contributions

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.

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1 Best answer
Level 2
Mar 6, 2022 9:02:51 AM

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.

11 Replies
Level 2
Mar 6, 2022 9:02:51 AM

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.

Level 2
Mar 6, 2022 12:53:29 PM

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.

Returning Member
Mar 13, 2022 1:20:34 PM

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

Returning Member
Mar 13, 2022 1:25:07 PM

IS LINE DR0104AD IN FEDERAL FORM OR COLORADO FORM/

 

Level 15
Mar 13, 2022 1:26:36 PM

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

Level 1
Mar 13, 2022 2:31:50 PM

  • It is Colorado Form DR0104AD

Level 1
Feb 2, 2023 2:15:28 PM

where do you record it for Indiana or just federal?

Level 7
Feb 2, 2023 3:15:00 PM

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.

Level 1
Feb 20, 2023 4:43:06 PM

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

Expert Alumni
Feb 21, 2023 6:55:44 AM

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 

Level 1
Feb 21, 2023 12:48:54 PM

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.