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529 plan on CO income tax forms. where do I enter on the CO return?

I am also looking for a slot to report my College Invest  contributions on the Colorado income tax forms.  When I printed out the CO "Subtractions from Income Schedule" form, it was under the "Subtractions from Federal Taxable Income" column.  That shouldn't be an income source.  It's a deduction on State forms only.  I wanted to amend my 2019 Taxes to include the College Invest amount but I was stimied on the amending procedure.  Please clarify.

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Accepted Solutions
KrisD15
Expert Alumni

529 plan on CO income tax forms. where do I enter on the CO return?

Yes, substitute "Subtractions" with "Deductions" 

"Subtractions from Income Schedule" form, it was under the "Subtractions from Federal Taxable Income" column

It is a "Deduction from Federal Taxable Income"

The state return takes the income reported on your federal return and then is "deducting" or "subtracting" the credit for the college invest so that your income is less and you state tax will be less. 

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1 Reply
KrisD15
Expert Alumni

529 plan on CO income tax forms. where do I enter on the CO return?

Yes, substitute "Subtractions" with "Deductions" 

"Subtractions from Income Schedule" form, it was under the "Subtractions from Federal Taxable Income" column

It is a "Deduction from Federal Taxable Income"

The state return takes the income reported on your federal return and then is "deducting" or "subtracting" the credit for the college invest so that your income is less and you state tax will be less. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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