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Is money contributed to a grandchilds future college counted as deductible

I contribute a monthly amount from my net income to a private college fund
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Level 10

Is money contributed to a grandchilds future college counted as deductible

No, these contributions aren't deductible on your federal tax return. However, several states allow a deduction when you contribute to a 529 College Savings Plan. TurboTax will prompt you to enter your 529 contributions when you get to the credits/deductions portion of your state tax interview, if your state offers a deduction.


What are 529 plans?  https://ttlc.intuit.com/replies/3300644

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Level 10

Is money contributed to a grandchilds future college counted as deductible

No, these contributions aren't deductible on your federal tax return. However, several states allow a deduction when you contribute to a 529 College Savings Plan. TurboTax will prompt you to enter your 529 contributions when you get to the credits/deductions portion of your state tax interview, if your state offers a deduction.


What are 529 plans?  https://ttlc.intuit.com/replies/3300644

View solution in original post