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Level 2
posted Jun 4, 2019 3:24:17 PM

I closed out a 529 College Choice account in 2018 and the 1099-Q form shows a loss of $995. Can I deduct this loss on my 2018 tax return?

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1 Best answer
Level 15
Jun 4, 2019 3:24:19 PM

No.

You could in previous years, but that was eliminated under the new tax law, starting with tax year 2018.

Even in the past it was only a misc. itemized deduction subject to the 2% of AGI threshold.

1 Replies
Level 15
Jun 4, 2019 3:24:19 PM

No.

You could in previous years, but that was eliminated under the new tax law, starting with tax year 2018.

Even in the past it was only a misc. itemized deduction subject to the 2% of AGI threshold.