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529 future scholar contributions are entered where in Turbo Tax

SC 529 contributions are entered where
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2 Replies
MinhT1
Expert Alumni

529 future scholar contributions are entered where in Turbo Tax

Contributions made to a Future Scholar account are deductible on South Carolina state tax returns.

 

Please read this SC document for more information.

 

TurboTax will prompt you to enter your 529 contributions when you get to the credits/deductions portion of your state tax interview.

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Hal_Al
Level 15

529 future scholar contributions are entered where in Turbo Tax

There is no federal deduction for making a contribution to a 529 plan. So, there is no place to enter it, in the federal interview. Some states allow a deduction on the state return. If your state is one, it will come up in the state interview; usually in the "Here's how (your state) handles income differently" section.

 

For a state list of eligible plans, see: https://www.savingforcollege.com/529-plan-details

http://www.savingforcollege.com/compare_529_plans/index.php?page=compare_plan_questions&plan_questio...

 

The tax break comes in the future, when you take the money out to pay for education.  All earnings (interest, dividends and capital gains) over the years is tax free if the distribution is used to pay for education, including room & board.

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