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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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Hal_Al
Level 15

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?

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.

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1 Reply
Hal_Al
Level 15

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?

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.

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