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Returning Member
posted Feb 22, 2020 5:45:44 PM

Missing deduction for VA529 contributions

I entered over $12150 in contributions to my 2 children's 8 inVEST funds in 2019.  I am the "owner" of all the accounts.  After I entered the contributions to each of the 8 accounts, the Turbo Tax program acknowledged the total and says that I have a "$3,950 deduction", but my VA refund only increased by $200.  Why?  

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1 Replies
Expert Alumni
Feb 26, 2020 8:29:39 AM

Once you have been refunded all that you paid to VA, (withholding) then there is no more to refund.  You can check the calculations on the summary page.

 

1.  Click "Tax Tools" in the left hand menu

2   Click "Tools" in the left hand menu

3   Click "View Tax Summary" in the center screen

4.  Click "Preview my 1040" in the left hand menu

5   Click "VA Tax Summary" in the left hand menu